Company: MKDWW
Filing Date: 2025-01-23
Form Type: F-1
Source: 0001493152-25-003296
Chunk: 136

Company: MKDWELL Tech Inc.
Filing Date: 2025-01-23
Form: F-1
Chunk 136
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 unaudited condensed statements of comprehensive loss for the six months ended June 30, 2024 of MKD BVI, and the audited statement of operations of Cetus Capital for the year ended December 31, 2023 with the audited consolidated statements of comprehensive loss for the year ended December 31, 2023 of MKD BVI, giving effect to the Business Combination as if it had been consummated on January 1, 2024, the beginning of the earliest period presented.

The unaudited pro forma condensed combined balance sheet was derived from and should be read in conjunction with the following historical financial statements:

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The unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2024, has been prepared using the following:

The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2023, has been prepared using the following:

The unaudited pro forma condensed combined financial information should be read in conjunction with “ Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other financial information included elsewhere in this prospectus.

Description of the Business Combination

On June 20, 2023, Cetus Capital, MKD Taiwan, MKD BVI and certain other parties entered into the Business Combination Agreement, which contains customary representations and warranties, covenants, closing conditions, termination provisions and other terms relating to the mergers and the other transactions contemplated thereby. The Business Combination closed on July 31, 2024, as a result of which Cetus Capital’s securities were delisted from Nasdaq, and the Ordinary Shares and Warrants of MKDWELL Tech Inc., or the Company, commenced trading on Nasdaq.

Accounting for the Business Combination

In relation to the Business Combination, MKD BVI was determined to be the accounting acquirer and Cetus Capital was the accounting acquiree. This determination was primarily based on the current shareholders of MKD BVI having a majority of the voting power of the post-combination company. The transaction will be similar to that of a capital infusion as the only significant pre-combination asset of Cetus Capital is the cash in the Trust Account. No intangibles or goodwill will arise through the accounting for the transaction. The accounting is the equivalent of MKD BVI issuing shares, warrants and rights for the net monetary assets of Cetus Capital.

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Basis of Pro Forma Presentation

The historical