Company: EUDAW
Filing Date: 2025-09-24
Form Type: 20-F/A
Source: 0001493152-25-014808
Chunk: 40

Company: EUDA Health Holdings Ltd
Filing Date: 2025-09-24
Form: 20-F/A
Chunk 40
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 and outstanding reverse recapitalization

|                                                                  |     | Ordinary Shares |            |   |
| 8i ordinary shares outstanding prior to Reverse Recapitalization |     |                 | 11,073,500 |   |
| Less: redemption of 8i ordinary shares                           |     |                 | (6,033,455 | ) |
| Conversion of 8i rights                                          |     |                 |    891,725 |   |
| Shares issued to service providers                               |     |                 |    260,000 |   |
| Conversion of EHL ordinary shares into 8i ordinary shares        |     |                 | 14,000,000 |   |
| Total shares outstanding                                         |     |                 | 20,191,770 |   |

EHL was determined to be the accounting acquirer given EHL effectively controlled the combined entity after the SPAC Transaction. The transaction is not a business combination because 8i was not a business. The transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by EHL for the net monetary assets of 8i, accompanied by a recapitalization. EHL is determined as the accounting acquirer and the historical financial statements of EHL became the Company’s historical financial statements, with retrospective adjustments to give effect of the reverse recapitalization. The net assets of 8i were recognized as of the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are those of EHL and EHL’s operations are the only ongoing operations of EHL.

In connection with the Reverse Recapitalization, the Company raised approximately $ 1.3million of proceeds, presented as cash flows from financing activities, which included the contribution of approximately $ 87.1million of funds held in 8i’s trust account, approximately $ 0.2million of cash held in 8i’s operating cash account, net of approximately $ 60.8million paid to redeem 6,033,455public shares of 8i’s ordinary shares, approximately $ 3.0million in transaction costs incurred by 8i, approximately $ 21.9million prepayment of two forward purchase agreements, and repayments of a promissory note in the amount of $ 0.3million issued to 8i’s related party.

The following table reconcile the elements of the Reverse Recapitalization to the consolidated statements of cash flows and the changes in