Company: EUDAW
Filing Date: 2025-09-24
Form Type: 20-F/A
Source: 0001493152-25-014808
Chunk: 38

Company: EUDA Health Holdings Ltd
Filing Date: 2025-09-24
Form: 20-F/A
Chunk 38
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 balance sheets, statements of operations and comprehensive loss and statements of cash flow.

| F-23 |

EUDA HEALTH HOLDINGS LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U.S. dollars, unless stated otherwise)

Note 4 – Reverse recapitalization

On November 17, 2022, the Company consummated the Business Combination contemplated by the SPA between 8i, EHL, Watermark, and Kwong Yeow Liew, dated April 11, 2022 and amended May 30, 2022, June 10, 2022, and September 7, 2022. As contemplated by the SPA, a business combination between 8i and EHL was effected by the purchase by 8i of all of the issued and outstanding shares of EHL from Watermark, resulting in EHL becoming a wholly owned subsidiary of 8i.

Upon the consummation of the Business Combination, the following events contemplated by the SPA occurred, based on EUDA’s capitalization as of November 17, 2022:

| ● | all                                                                                                                         
 1,500,000 issued and outstanding shares of EHL were converted into 14,000,000 shares of the Company’s no par value ordinary 
 shares after giving effect to the exchange ratio of 9.33 (“Exchange Ratio”); and                                            |
| ● | the                                                                                                                         
 entitlement of 4,000,000 shares (“Earnout Shares”) of the Company’s no par value ordinary shares issued to the              
 Seller subject to the following four triggering events:                                                                     |

| ○ | 1,000,000                                                                                                                              
 additional Earnout Shares to be issued if during the period beginning on the Closing Date and ending on the first anniversary of       
 the Closing Date, the Company’s share price is equal to or greater than Fifteen Dollars ($15.00) after the Closing Date;               |
| ○ | 1,000,000                                                                                                                              
 additional Earnout Shares to be issued if during the period beginning on the first anniversary of the Closing Date and ending on       
 the second anniversary of the Closing Date, the Company’s share price is equal to or greater than Twenty Dollars ($20.00);             |
| ○ | 1,000,000                                                                                                                              
 additional Earnout Shares to be issued if the consolidated audited financial statements of EUDA for the fiscal year commencing January 
 1, 2023 and ending