EUDA Health Limited completed the acquisition of 8i Acquisition 2 Corp. in a reverse merger transaction.

EUDA Health Limited entered into a definitive agreement to acquire 8i Acquisition 2 Corp. (NasdaqGM:LAX) for approximately $630 million in a reverse merger transaction on April 11, 2022. The initial consideration to be paid at Closing consists of 55 million shares of 8i Acquisition 2 Corp. In addition, 9 million shares will be issued by 8i Acquisition 2 Corp. as earnout payment. Upon the close of the transaction, LAX will be renamed EUDA Health Limited (EUDA Health) and is expected to remain listed on NASDAQ under the new ticker symbol ôEUDAö. EUDA will have 54% stake in the combined entity. Pursuant to transaction, the current officers and directors of EUDA Health will become the officers and directors of LAX. The business combination has been unanimously approved by the boards of directors of both EUDA Health and LAX and is subject to regulatory and shareholder approvals, and other customer closing conditions. The transaction is conditional upon financial, operational and legal due diligence review to be completed on or before June 15, 2022. The transaction is expected to close in the fourth quarter of 2022. EUDA's growth strategy is expected to generate estimated revenue and adjusted EBITDA ofá$200 millionáandá$43 million, respectively, in 2023. As per Filing on August 18, 2022, a special meeting of the shareholders of 8i Acquisition 2 Corp. will be held to approve the acquisition proposal. As on October 13, 2022, 8i board of directors has unanimously approved and adopted the Share Purchase Agreement and the transactions contemplated therein and unanimously recommends that 8i shareholders vote ôFORö each of the Proposals. EverEdge Global has been engaged to render a fairness opinion on the fairness of the transaction to LAX from a financial point of view. Loeb and Loeb LLP is acting as legal counsel to LAX. Kaufman & Canoles, P.C. is acting as legal counsel to EUDA Health.
EUDA Health Limited completed the acquisition of 8i Acquisition 2 Corp. (NasdaqGM:LAX) in a reverse merger transaction on November 17, 2022. The transaction was approved by LAXÆs stockholders at the special meeting held on November 10, 2022. The combined company will operate under the name ôEUDA Health Holdings Limitedö and will be led by Founder and Chief Executive Officer Dr. Kelvin Chen. Commencing at the open of trading on November 18, 2022, the combined companyÆs ordinary shares and warrants will trade on Nasdaq Stock Market under the symbols ôEUDAö and ôEUDAW,ö respectively.