Software solutions provider WaveDancer and medical technology company Firefly Neuroscience have signed a definitive merger agreement, in an all-stock transaction.
Per the agreement terms, every existing Firefly common stock share will be transformed into WaveDancer common stock at a fixed exchange ratio.
After the merger takes effect, Firefly’s security holders will hold roughly 92% of the merged company while WaveDancer’s security holders will own approximately 8%, on a fully diluted basis.
Once the deal is completed, the merged entity is expected to function under the name Firefly Neuroscience, Inc.
The combined company will focus on advancing and commercialising Firefly’s artificial intelligence-powered Brain Network Analytics (BNA) platform.
This platform has already received approval from the US Food and Drug Administration (FDA). It is used for objectively evaluating brain function by comparing patient electroencephalograms (EEGs) with a database of EEGs and behavioural data.
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Psychiatrists and neurologists in the US use BNA for diagnosing mental illnesses and cognitive disorders, enhancing patient compliance with therapy and optimising treatment care pathways.
Firefly CEO Jon Olsen said: “As a publicly traded company, we can continue to drive innovation and bolster our commercialisation efforts while providing existing and new shareholders with the opportunity to participate in our growth story.”
Subject to customary closing conditions, including approvals by the stockholders of each company, the deal is anticipated to be completed in the first quarter of next year.
WaveDancer will sell its operating subsidiary, Tellenger, a company that offers modernisation services to the federal government, in a transaction that will close simultaneously with the Firefly merger.