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Achari Ventures Holdings Corp. I (NASDAQ: AVHI) is a blank check company established with the primary objective of merging, acquiring, or forming a business combination with one or more enterprises. Recently, Achari has announced a significant development—a business combination with Vaso Corporation, a diversified medical technology company. This transaction aims to uplist Vaso from the OTCQX market to the Nasdaq Stock Market, significantly enhancing its market presence and accessibility to investors.
Vaso Corporation, led by Chief Executive Officer Jun Ma, operates through three wholly owned subsidiaries focusing on managed IT systems and services, professional sales services for diagnostic imaging products, and the design and manufacture of proprietary medical devices. The company’s multi-faceted approach allows it to serve a wide range of needs within the healthcare industry, thus positioning it as a key player in medical technology.
The proposed transaction values Vaso at a pro forma equity value of approximately $176 million, or $10.00 per share. The boards of both Vaso and Achari have approved this combination, subject to customary closing conditions, including regulatory approvals and stockholder votes from both companies. Vaso's stockholders, holding 44% of the outstanding shares, have already agreed to support the transaction. The merger is expected to close in the first quarter of 2024, and upon completion, Vaso's common stock and warrants will trade under the ticker symbols 'VASO' and 'VASOW' on the Nasdaq Capital Market.
Ladenburg Thalmann & Co. Inc. is serving as the financial advisor to Vaso, while Katten Muchin Rosenman LLP and Ortoli Rosenstadt LLP are acting as legal advisors to Achari and Vaso, respectively. Achari and Vaso will be filing necessary documents, including proxy statements and registration statements, with the SEC to facilitate the transaction.
This move sets the stage for Vaso Corporation to further its growth and innovation in the medical technology field, benefitting from increased investor engagement and resources provided by the uplisting. Investors and stakeholders are encouraged to read the forthcoming proxy statements and other relevant documents, which will be available on the SEC's website, to stay informed about this promising development.
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