SpectralMD’s (SMD) plan to reverse into Nasdaq-listed SPAC Rosecliff saw its share price rocket 60% and reflects the premium being paid compared to its AIM valuation, said WH Ireland.
The deal provides the company with a NASDAQ listing, and access to further capital to accelerate its strategic aims, the broker added.
Notably, SMD is progressing towards the attainment of a Federal procurement contract for burn assessment tech DeepView worth over US$400mln, as a mass-casualty triaging tool, and is completing development and regulatory activities, scaling up production and its commercial readiness.
In diabetic foot ulcers, meanwhile, SMD is addressing an annual patient pool of over 5mln in its initial target markets.
“Overall, the proposed transaction can crystallise value given the significant valuation premium proposed compared to the current AIM valuation of the shares.”
Shares rose 17p to 45p.