Cardio Diagnostics Holdings, Inc. Scheduled to
Commence Trading on NASDAQ Under the Ticker Symbol “CDIO”
Cardio Diagnostics Holdings, Inc. ("Cardio" or the “Company”), a
pioneering precision cardiovascular medicine company at the
intersection of epigenetics and artificial intelligence whose
products enable improved prevention, early detection and treatment
of cardiovascular disease, today announced the completion of its
business combination (the “Business Combination”) with Mana Capital
Acquisition Corp. (Nasdaq: MAAQU; MAAQ; MAAQW; MAAQR) (“Mana
Capital”), a publicly traded special purpose acquisition
company.
The transaction was approved at a special meeting of Mana
Capital stockholders held on Tuesday, October 25, 2022. Mana
Capital’s stockholders also voted to approve all other proposals
presented at the special meeting. Mana Capital’s Board of Directors
had previously approved the business combination and recommended
that its stockholders vote in favor of it and all of the proposals
relating to the business combination.
The combined company will operate under the name “Cardio
Diagnostics Holdings, Inc.,” and will be led by Chief Executive
Officer Meeshanthini (Meesha) Dogan, Ph.D., and the rest of its
current management team. Commencing at the open of trading on or
about October 26, 2022, on the Nasdaq Capital Market, Cardio’s
common stock and public warrants are expected to commence trading
under the new trading symbols “CDIO” and “CDIOW,” respectively. The
warrant exercise price for each Cardio warrant is $11.50.
Cardio’s mission is to help physicians better detect and treat
cardiovascular disease, the leading cause of death in the United
States. At the core of its cardiovascular solutions is a
proprietary Integrated Genetic-Epigenetic Engine™ created at the
University of Iowa by company founders Meesha Dogan, Ph.D., and
Robert Philibert, MD, Ph.D. This technology enables the development
of a series of tests for precision prevention, early detection, and
assists in personalized treatment of major types of cardiovascular
diseases and associated co-morbidities.
“Heart disease prevention initiatives can deliver significant
value across the healthcare continuum, but the key is that they
must be evidence-based,” said Meesha Dogan, Ph.D., the CEO and
Co-Founder of Cardio. “What’s clear from our research is that we’re
missing a significant opportunity to prevent heart disease at
scale. Key healthcare stakeholders can successfully reduce the
incidence of heart disease in America and across the globe, by
radically reconsidering the current standard of cardiovascular
care. We look forward to working with them to drive adoption of an
objective approach to cardiovascular care that is more robust and
patient-centric.”
Mana Capital Chairman Jonathan Intrater stated, “We are very
pleased to have combined with Cardio and created a publicly listed
company set to transform cardiovascular disease through
epigenetics. Cardio is the first company to develop and
commercialize epigenetics-based clinical tests for cardiovascular
disease that have clear value for patients, clinicians,
hospitals/health systems, and payors.”
To celebrate the successful completion of the business
combination, members of Cardio’s leadership team will ring the
closing bell at the Nasdaq Stock Market at 4:00 p.m. Eastern Time
on November 3, 2022.
Advisors
The Benchmark Company LLC acted as the financial advisor to Mana
Capital and Becker & Poliakoff LLP served as legal advisor to
Mana Capital.
Shartsis Friese LLP served as legal advisor to Cardio.
About Cardio Diagnostics
Cardio Diagnostics is a biotechnology company that makes
cardiovascular disease prevention and early detection more
accessible, personalized, and precise. The Company was formed to
further develop and commercialize a proprietary Artificial
Intelligence (AI)-driven Integrated Genetic-Epigenetic EngineTM
(“Core Technology”) for cardiovascular disease to become one of the
leading medical technology companies for enabling improved
prevention, early detection, and assists in treatment of
cardiovascular disease. For more information, please visit
www.cardiodiagnosticsinc.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 with respect to the
business combination between Mana Capital and Cardio. Words such as
“expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believe,” “predict,” “potential,” “continue,” “strategy,”
“future,” “opportunity,” “would,” “seem,” “seek,” “outlook” and
similar expressions are intended to identify such forward-looking
statements. Forward-looking statements are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties that could cause the actual results to differ
materially from the expected results. These statements are based on
various assumptions, whether or not identified in this press
release. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
they must not be relied on by an investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. These
forward-looking statements include, without limitation, the
combined company’s expectations with respect to financial results,
future performance, development and commercialization of products
and services, the potential benefits and impact of combined
company’s products and services, potential regulatory approvals,
anticipated financial impacts and other effects of the business
combination on the combined company’s business, and the size and
potential growth of current or future markets for the combined
company’s products and services. These forward-looking statements
involve significant risks and uncertainties that could cause the
actual results to differ materially from the expected results. Most
of these factors are outside of the combined company’s control and
are difficult to predict. Factors that may cause such differences
include, but are not limited to: the success, cost and timing of
the combined company’s product development and commercialization
activities, including the degree that Epi+Gen CHD™, Cardio’s
initial test, is accepted and adopted by patients, healthcare
professionals and participants in other key channels; the impact of
COVID-19 on the combined company’s business; the inability to
maintain the listing of the combined company’s common stock on the
Nasdaq following the business combination; the inability to
recognize the anticipated benefits of the business combination,
which may be affected by, among other things, competition and the
ability of the combined company to grow and manage growth
profitably and retain its key employees; changes in applicable laws
or regulations; the inability of the combined company to raise
financing in the future; the inability of the combined company to
obtain and maintain regulatory clearance or approval for its tests,
and any related restrictions and limitations of any cleared or
approved product; the inability of the combined company to
identify, in-license or acquire additional technology; the
inability of the combined company to maintain its existing or
future license, manufacturing, supply and distribution agreements;
the inability of the combined company to compete with other
companies currently marketing or engaged in the development of
products and services that could serve the same or similar
functions are the combined company’s products and services; the
size and growth potential of the markets for the combined company’s
products and services, and its ability to serve those markets,
either alone or in partnership with others; the pricing of the
combined company’s products and services and reimbursement for
medical tests conducted using the combined company’s products and
services; the combined company’s estimates regarding expenses,
future revenue, capital requirements and needs for additional
financing; the combined company’s financial performance; and other
risks and uncertainties indicated from time to time in the proxy
statement/prospectus relating to the business combination,
including those under “Risk Factors” therein, and in the combined
company’s other filings with the Securities and Exchange
Commission. The combined company cautions readers that the
foregoing list of factors is not exclusive and cautions readers not
to place undue reliance upon any forward-looking statements, which
speak only as of the date made. The combined company does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is
based.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221026005426/en/
Investors: Meesha Dogan, Ph.D. CEO 855-226-9991
investors@cardiodiagnosticsinc.com
Media & Public Relations: Khullani Abdullahi 651-208-9323
pr@cardiodiagnosticsinc.com
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