This financial move comes as part of the company's strategic efforts to facilitate the completion of its planned business combination. Healthcare AI Acquisition Corp. is a Cayman Islands-based blank check company, which is typically formed for the purpose of acquiring or merging with an existing company. InvestingPro analysis reveals the company's overall Financial Health score is rated as WEAK, with several additional insights available to subscribers, including detailed financial metrics and expert analysis that could be crucial for investors monitoring this business combination. InvestingPro analysis reveals the company's overall Financial Health score is rated as WEAK, with several additional insights available to subscribers, including detailed financial metrics and expert analysis that could be crucial for investors monitoring this business combination.
The loan is intended to support the company's working capital needs, including a monthly extension fee of $13,173.17, which is directed to the company’s trust account to extend the deadline for completing a business combination until February 14, 2025. The note carries no interest and is due to be repaid upon the closing of the business combination.
Healthcare AI Acquisition Corp. previously announced on August 15, 2024, that it had entered into a business combination agreement with Leading Partners Limited and Leading Group. The company has set a deadline of June 14, 2025, to finalize the business combination, contingent on the payment of the monthly extension fee.
In the event of liquidation, the terms of the loan require repayment in cash. The details of the note have been included as an exhibit in the 8-K filing and are available for public review.
This financial move comes as part of the company's strategic efforts to facilitate the completion of its planned business combination. Healthcare AI Acquisition Corp. is a Cayman Islands-based blank check company, which is typically formed for the purpose of acquiring or merging with an existing company.
The information in this article is based on the company's most recent SEC filing, and provides insight into the financial arrangements made by Healthcare AI Acquisition Corp. as it navigates towards its business objectives.
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