Roehl Niño Bautista · · 1 min readSG mogul-led SPAC merges with Asian healthtech firm
Nasdaq-listed 8i Acquisition 2, a special purpose acquisition company, is merging with Singapore-based healthtech firm Euda through a stock purchase agreement, creating a publicly listed entity worth US$580 million.
Photo credit: everythingpossible / 123RF
The deal, which will close in the fourth quarter of the year, will see 8i Acquisition 2 taking Euda’s name and trading under the “EUDA” ticker.
Founded in 2019 by Kelvin Chen, Euda is a healthcare and wellness app connecting users to professionals within five minutes through AI-backed analytics. It also delivers prescribed medicine within four hours after a teleconsultation.
The app is planning to operate in Singapore, Malaysia, Vietnam, India, and Indonesia by the end of the year. Euda is owned by Kent Ridge Health, which provides healthtech solutions to both individuals and businesses.
Meanwhile, 8i Acquisition 2 netted US$86.3 million in its US debut in November 2021. Led by Singaporean business mogul James Tan Meng Dong, the SPAC said that it would invest in Asian companies that could scale across multiple countries.
See also: Series SEA: Who’s investing in the region’s health startups?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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