Here’s what you need to know:
– Clearday, an innovative longevity technology company using an integrated platform of robotic companion care and AI-driven technology to serve the senior adult care sector, and Viveon Health Acquisition Corp., a special purpose acquisition (SPAC) company have entered into a definitive merger agreement.
– The combined company’s pro forma equity valuation (assuming no share redemptions) is expected to be approximately $370M. VHAQ currently has $20M held in a trust account at Morgan Stanley with Continental Stock Transfer & Trust Company acting as trustee, which was established in connection with VHAQ’s IPO.
– Under the terms of the proposed transaction, VHAQ will issue 25 million shares to security holders of Clearday. Clearday security holders may also receive up to an additional five million earn out shares (“Company Earn Out Shares”) if the company achieves profitability for a 12 month period within the first five years after the closing of the transaction.
Clearday is transforming from the operation and ownership of senior-care facilities to a high growth technology business that serves the huge, urgent, and expensive long-term care crisis facing our country.