EUDA Health Limited, a Singapore-based digital health platform, and 8i Acquisition 2 Corp. (8i)(NASDAQ: LAX), a publicly traded special purpose acquisition company, announced Tuesday that they have entered into a definitive business combination agreement that will result in EUDA Health Limited becoming a publicly listed company.

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 “EUDA”, according to a statement issued by 8i.

The combined company will have an estimated post-transaction enterprise value of $583 million, consisting of an estimated equity value of $673 million and $90 million in net cash, assuming no redemptions of 8i public stockholders.

Cash proceeds raised will consist of 8i’s approximately $86.3 million of cash in trust (before redemptions). Additional earnouts in the form of 9 million total shares will be awarded post-transaction close if EUDA’s share price reaches $15, $20 and $25 over three years.

Meanwhile, proceeds from the trust account (assuming no redemptions) is expected to be used for product development and other artificial intelligence (AI) technology research, business expansion and potential strategic investment and acquisition opportunities. EUDA’s growth strategy is expected to generate estimated revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $200 million and $43 million, respectively, in 2023.

The transaction with EUDA Health is a related party transaction. James Meng Dong Tan, LAX’s Chief Executive Officer and Chairman of the board, is a 10 percent shareholder of Watermark Developments Limited (Watermark), the sole shareholder of EUDA Health.

Watermark will roll 100 percent of its equity into the combined company and will own approximately 82 percent of the combined company’s outstanding ordinary shares on a pro forma basis (assuming no redemptions) immediately after the closing.

The business combination has been unanimously approved by the boards of directors of both EUDA Health and LAX and is expected to close in the fourth quarter of 2022, subject to regulatory and shareholder approvals, and other customer closing conditions.

“EUDA Health’s mission is to make healthcare more affordable and accessible, while improving the patient experience and healthcare outcomes through personalized healthcare. Our platform creates an ecosystem that accomplishes this through comprehensive, end-to-end care. We have assembled a team of experts from every corner of the industry who are passionate about transforming how patients are cared for,” said EUDA Health Founder and Chief Executive Officer Dr. Kelvin Chen.

EUDA Health operates a first-of-its-kind Southeast Asian healthcare analytics platform dedicated to customer-centric solutions that increase access to quality care, improve patient outcomes, and reduce costs. The company’s ecosystem-based approach serves a full spectrum of healthcare needs, including wellness and prevention, urgent care and emergencies, pre-existing conditions, and after care services.

Leveraging its end-to-end expertise in healthcare management, EUDA Health’s proprietary unified AI platform connects patients, insurers, and medical professionals to the necessary data to triage conditions and digitally connect with medical professionals for personalized treatment protocols that optimize patient outcomes and ongoing care.

Since its founding in 2019, EUDA Health has grown tremendously and is expected to operate across five countries— Singapore, Malaysia, Vietnam, India and Indonesia— by the end of 2022. Through its innovative and dynamic solutions, the firm has developed a diversified revenue stream and gained clear line-of-sight into sustainable growth through both geographic expansion and enhanced service offerings.

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