8i Acquisition 2 Corp. (NASDAQ: LAXXW) and EUDA Health Limited have agreed to revise the SPA (the SPA Amendment) to change the date for LAX to complete its financial, operational, and legal due diligence assessment of EUDA Health from May 31, 2022, to June 15, 2022.
Earlier, LAX has inked a Share Purchase Agreement with Euda Health, Watermark Developments Limited, a British Virgin Islands business company (the Seller), and Kwong Yeow Liew, acting as the Indemnified Party Representative. A business combination between LAX and EUDA Health will be achieved according to the provisions of the SPA by LAX purchasing all of EUDA Health's issued and outstanding shares from the Seller.
It has been confirmed that after the execution of the agreement, LAX will be renamed EUDA Health Limited (EUDA Health) and is likely to remain listed on NASDAQ under the new ticker symbol “EUDA.” By finalizing this stock purchase agreement with EUDA Health, the company is embracing the future of healthcare services.
As per the agreement, if no 8i public stockholders redeem their shares, the merged business will have a post-transaction enterprise value of $583 million, comprised of an estimated equity value of $673 million and $90 million in net cash. The cash profits will be made up of $86.3 million in cash in a trust held by 8i. If EUDA's share price exceeds $15, $20, or $25 over the next three years, additional earnouts in the amount of 9 million total shares will be awarded after the transaction closes.