Aimfinity Investment Corp. I, a Cayman Islands-incorporated special purpose acquisition company (SPAC) listed on the Nasdaq Global Market, and Docter Inc. announced that they have entered a definitive merger agreement. As part of the agreement, a newly established subsidiary of Aimfinity will become a publicly listed company on the Nasdaq combining Aimfinity and Docter upon the closing of the transaction.
Since 2016, Docter, along with its subsidiary, Horn Enterprise Co., Ltd., has been developing a non-invasive blood sugar trend monitoring technology, alleviating the necessity for blood sampling. The Taiwanese company operates Docter brand watches and employs Docter Cloud platform technologies to facilitate health monitoring, vascular elasticity tracking and myocardial infarction prediction. Additionally, Docter has made investments in the development of biological radar wave technology to cater to those requiring long-term care or individuals experiencing sub-optimal health.
The transaction is expected to be completed in the first quarter of 2024. The merger consideration is $60 million payable by newly-issued shares of the combined company valued at $10.00 per share. Additional earnout shares may be issuable to Docter stockholders after closing, upon achievement of certain sales targets in 2024 and 2025.
US Tiger Securities is serving as M&A and capital markets advisor and Robinson & Cole LLP is serving as legal advisor to Aimfinity. Winston & Strawn LLP is serving as legal advisor to Docter.
According to data captured in the LevinPro HC database, this transaction marks the 30th SPAC transaction of 2023. This is a slight increase over last year, when there were 29 SPAC transaction announced between January 1, 2022, and October 16, 2022.
