8i Acquisition 2 Corp. (LAXXW) declined in the current market after announcing a SPAC merger. LAXXW values at $0.29, declining by more than 41% from the previous close. LAXXW closed at $0.50 at the end of the last trading session.
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Global Digital Health Industry Overview
There are a variety of businesses that sell digital health services to ensure that healthcare-related services run smoothly in the digital health market. Many things are called “digital health.” These things include using information technology and electronic communication tools to provide healthcare services or help people improve their health.
The global digital health industry was valued at around $201 billion in 2021. It is expected to grow at a compound annual growth rate of 25.5 to reach $252 billion in 2022. The whole industry is expected to grow at around $596 billion in 2026, with a CAGR of 24%.
LAXXW and EUDA SPAC Merger
In a merger deal, 8i Acquisition 2 Corp. (LAXXW) and EUDA Health Limited announced today that EUDA Health Limited would become a public company. After the listing, LAX will be renamed the new ticker EUDA on NASDAQ. EUDA Health Limited, a Singapore-based digital health platform, aspires to make healthcare more inexpensive, accessible, and enjoyable for patients. 8i Acquisition 2 Corp. (LAXXW) is a Special Purpose Acquisition Company.
The merged firm will be worth $583 million, with $673 million in equity and $90 million in net cash, providing no 8i public investors redeem their shares. 8i will raise around $86.3 million (before redemptions). The company will get 9 million shares if the stock price rises to $15, $20, and $25 in the next three years.
LAXXW will utilize the proceedings for product development, company growth, and prospective strategic investing and acquisition possibilities. In 2023, EUDA’s growth plan will produce $200 million in sales and $43 million in adjusted EBITDA.