Original Press Release on Globe Newswire
Publicly listed entity expected to broaden VSee’s and iDoc’s reach and penetration adding commercial capabilities and capturing multiple synergies
Boca Raton, FL, June 16, 2022 (GLOBE NEWSWIRE) –(Digital Health Acquisition Corporation (“Digital Health”) (NASDAQ: DHAC), today announced that it has signed a definitive agreement to acquire VSee Lab, Inc. (VSee), a leading telehealth software company and iDoc Telehealth Solutions, Inc. (“iDoc”), a leading neurocritical care and intensive care telehealth provider.
The newly merged company will bring together the organizations and leadership teams of San Jose, California-based VSee, and Houston, Texas-based iDoc with the Nasdaq-listed Digital Health public company. Upon closing of the transaction, which is expected to occur in the third quarter of 2022, it is anticipated that the combined company will adopt the corporate name VSee Health, Inc., and will be listed on the Nasdaq Capital Market under the proposed new ticker symbol “VSEE.” The transaction is expected to result in a valuation of approximately $110 million for the combined entity.
“The telehealth industry is currently considered to be among the most attractive industries in terms of growth potential,” said VSee CEO, Dr. Milton Chen. “We believe we have one of the most customizable and easiest plug and play solutions for medical providers, which following the merger, will be able to be expanded without our historical resource constraints.”
VSee provides a proprietary SaaS platform that enables medical providers to provide telehealth services with end-to-end, HIPAA-compliant encrypted payment solutions with multiple additional real-time integrated and interactive capabilities. Because of its flexibility and security, VSee was selected as exclusive supplier to NASA, and was also recently selected by the Ukraine to customize a telehealth solution, which it accomplished in less than 72 hours.
The newly combined company, VSee Health, will integrate iDoc’s intensive care and neuro solution as its first module for the VSee software platform, with the goal of adding additional modules in the future. Dr. Imo Aisiku, founder and CEO of iDoc commented, “Our combination not only builds on two highly successful and profitable individual companies, but also makes more of a difference for patients as medicine and health care delivery systems transform.”
Transaction Overview
The merger will provide the consolidated company with access to significant additional cash subject to the level of redemptions from Digital Health’s public stockholders, that are targeted to be used to expand modules onto the VSee Platform, widening both VSee’s and iDoc’s customer bases, and for general working capital purposes.
The boards of directors of VSee, iDoc, and Digital Health have unanimously approved the proposed transaction. The closing is subject to the approval of VSee’s, iDoc’s, and Digital Health’s stockholders, as well as other customary closing conditions, including Digital Health’s registration statement being declared effective by the Securities and Exchange Commission and the expiration or termination of any applicable Hart-Scott-Rodino Act waiting periods. The transaction is expected to close by the end of the third quarter 2022, assuming satisfaction of closing conditions set forth in the parties’ definitive agreement.
Additional information about the proposed transaction, including a copy of the Business Combination agreement and plan of merger and an investor presentation, will be provided in a Current Report on Form 8-K to be filed today with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.
About Digital Health, VSee, and iDoc Telehealth
VSee Lab is a no-code or low-code SaaS platform that enables clinicians and enterprises to create their telehealth workflows without programming. VSee’s system encapsulates more than 500 man-years of development, creating a mobile app or telehealth system to be integrated into existing hospital operations within days.
iDoc Telehealth is an acute care organization, set of integrated telehealth technologies, and team of neurointensivists, neurologists, and nurses that treat and coordinate care for acutely ill patients 24/7 in the Neurointensive Care Unit (NICU) and ICU for stroke, brain trauma, and a wide range of neurological conditions.
Digital Health, a Delaware Corporation, is comprised of a team of industry professionals and leaders with deep insight and relationships in healthcare, software systems, mergers and acquisitions and related fields. Digital Health was formed as a special purpose acquisition company (SPAC) that raised $115 million in an initial public offering in November 2021, intending to utilize the proceeds for acquiring profitable and scalable businesses in healthcare.
Learn more at digitalhealthacquisition.com, VSee.com and iDocvms.com
