By Kyle Morris
Spectral MD Holdings Ltd. said Tuesday that it has agreed to combine with special-purpose acquisition company Rosecliff Acquisition Corp I, valuing the company at around an enterprise value of $170 million.
The Texas-based predictive-analytics company said the deal is equivalent to around 101 pence a share. Spectral MD intends to cancel the admission of its stock on the AIM market.
The deal is expected to deliver proceeds to Spectral MD of more than $20 million. Net proceeds from the transaction will be used to accelerate readiness for potential federal contracts, for commercialization opportunities in the U.S., European Union and U.K., and to develop additional clinical applications.
Upon completion of the deal, the combined company will operate as Spectral AI and be listed on Nasdaq under the symbol MDAI.
The proposed transaction is expected to be completed in the third quarter.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
April 11, 2023 02:42 ET (06:42 GMT)
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