Full Press Release Details
Digital Health Acquisition
Corp. Announces Filing of a Preliminary Extension Proxy Statement for a Stockholder Meeting on October 20, 2022
Boca Raton, FL, October 10, 2022 (BUSINESS
WIRE) - - Digital Health Acquisition Corp. (the "Company" or "Digital Health") (NASDAQ: DHAC), today announces
the filing of a definitive proxy statement to hold a special meeting of its stockholders on October 20, 2022 at 9:30 am Eastern Time
to extend the date by which Digital Health must consummate an initial business combination (the "Extension Proxy Statement").
As further detailed in the Extension Proxy Statement,
holders of Digital Health common stock are asked to approve a proposal to amend the Company's amended and restated certificate of
incorporation to (a) extend the date by which the Company has to consummate a business combination (the "Extension")
for an additional three (3) months, from November 8, 2022 to February 8, 2023, (b) provide Digital Health's
board of directors the ability to further extend the date by which the Company has to consummate a business combination up to three (3) additional
times for three (3) months each time, for a maximum of nine (9) additional months if Digital Health Acquisition Group,
LLC, our "sponsor", pays an amount equal to $350,000 for each three-month extension (the "Extension Fee"), which
amount shall be deposited in the trust account of the company; provided, that if as of the time of an extension the Company has filed
a Form S-4 registration statement in connection with its initial business combination, then no Extension Fee would be required in
connection with such extension, and (c) allow for the Company to provide redemption rights to the Company's public stockholders
in accordance with the requirements of the amended and restated certificate of incorporation without complying with the tender offer rules.
As with potential redemptions in connection with an initial Business Combination, the charter amendment would restrict redemption rights
in connection with any further amendment of the charter with respect to 20% or more of Digital Health's public shares.
If the Extension is approved and implemented,
our Sponsor or its designees has agreed to loan Digital Health $350,000. The Company estimates that the per-share pro rata
portion of the Trust Account will be approximately $10.21 at the time of the special meeting. The closing price of the Company's
common stock on September 30, 2022 was $10.13. Accordingly, if the market price were to remain the same until the date of the special
meeting, exercising redemption rights would result in a public stockholder receiving $0.08 more for each share than if such stockholder
sold the shares in the open market.
For any holder of Digital
Health units who elects to redeem the common stock underlying the unit for cash in the trust account, the warrant underlying the unit
will be forfeited automatically.
Digital Health's stockholders and other
interested persons are advised to read the Extension Proxy Statement. Stockholders are also able to obtain copies of the Extension Proxy
Statement and other relevant materials filed with the Securities and Exchange without charge, at the SEC's web site at www.sec.gov,
or by directing a request to Digital Health's proxy solicitation agent at the following address and telephone number:
Brokers and Banks Call Collect: (212) 269-5550
All Others Call Toll-Free: (800) 290-6429
Email: DHAC@dfking.com
On October 7, 2022, Digital Health filed
a periodic report on Form 8-K (the "8-K") disclosing the amended and restated terms and conditions of a the proposed
business combination (the "Business Combination") and related transactions with VSee Labs, Inc. ("VSee")
and iDoc Virtual Telehealth Solutions, Inc. ("iDoc"). As summarized in the 8-K:
About Digital Health Acquisition Corp.
About VSee Labs, Inc
About iDoc Virtual Telehealth Solutions, Inc.
Digital Health Acquisition Corp. is a blank check
company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business
combination with one or more businesses.
VSee Labs, Inc. is no-code or low-code SAAS
platform that enables clinicians and enterprises to create their telehealth workflows without programming. VSee's
system encapsulates more than 500 man-years of development to allow a telehealth mobile app to be created or a telehealth system to be
integrated into existing hospital operations in days.
iDoc Virtual Telehealth Solutions, Inc. is
an acute care organization, set of integrated telehealth technologies, and team of neurointensivists, neurologists, and nurses that
treat and coordinate care for acutely ill patients 24/7 in the Neurointensive Care Unit (NICU) and ICU for stroke, brain trauma, and a
wide range of neurological conditions.
Digital Health, comprised of a team of industry
professionals and leaders with deep insight and relationships in healthcare, software systems, mergers and acquisitions and related fields.
Digital Health was formed as a special purpose acquisition company that raised $115 million in an initial public offering in November 2021,
intending to utilize the proceeds for acquiring scalable businesses in healthcare.
More information can be found at www.digitalhealthacquisition.com,
Important Information and Where to Find It
This press release does not constitute an offer
to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. In connection with the Transactions described herein, Digital Health has filed relevant materials with the SEC,
and plans to file a registration statement on Form S-4 which will include a preliminary proxy statement of Digital Health in connection
with the proposed Transactions. The definitive proxy statement and other relevant documents will be mailed to Digital Health security
holders as of the close of business on the record date established by Digital Health for voting on the Transactions. Investors and security
holders of Digital Health and other interested persons are advised to read the preliminary proxy statement when filed and amendments thereto,
and the definitive proxy statement, when available, in connection with Digital Health's solicitation of proxies for the extraordinary
general meeting of Digital Health stockholders to be held to approve the Amended BCA and the Transactions because these documents will
contain important information about Digital Health, VSee and iDoc, and the Transactions. The definitive proxy statement, the preliminary
proxy statement and other relevant materials in connection with the Transactions (when they become available), and any other documents
filed by Digital Health with the SEC, may be obtained free of charge at the SEC's website at www.sec.gov or by writing to Digital
Health at: www.digitalhealthacquisition.com.
Forward-Looking Statements
This press release contains, and certain oral
statements made by representatives of Digital Health, VSee and iDoc and their respective affiliates, from time to time may contain, "forward-looking
statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Digital Health's, VSee's and iDoc's actual results may differ from their expectations, estimates and projections and
consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate," "intend,"
"plan," "may," "will," "could," "should," "believes," "predicts,"
"potential," "might" and "continues," and similar expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without limitation, Digital Health's, VSee's and iDoc's expectations
with respect to future performance and anticipated financial impacts of the Transactions contemplated by the Amended BCA, the satisfaction
of the closing conditions to the Transactions and the timing of the completion of the Transactions. These forward-looking statements involve
significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors
are outside of the control of Digital Health or VSee and iDoc and are difficult to predict. Factors that may cause such differences include
but are not limited to: (i) the inability of the parties to successfully or timely consummate the Transactions, including the risk
that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect
the post-Transactions company (the "Company") or the expected benefits of the Transactions, if not obtained; (ii) the
failure to realize the anticipated benefits of the Transactions; (iii) matters discovered by the parties as they complete their respective
due diligence investigation of the other parties; (iv) the ability of Digital Health prior to the Transactions, and the Company following
the Transactions, to maintain the listing of the Company's shares on Nasdaq; (v) costs related to the Transactions; (vi) the
lack of a third-party fairness opinion in determining whether or not to pursue the proposed Transactions; (vii) the failure to satisfy
the conditions to the consummation of the Transactions, including the approval of the Amended BCA by the stockholders of Digital Health
and the satisfaction of the minimum cash requirements of the Amended BCA following any redemptions by Digital's public stockholders;
(viii) the risk that the Transactions may not be completed by the stated deadline and the potential failure to obtain an extension
of the stated deadline; (ix) the outcome of any legal proceedings that may be instituted against Digital Health, VSee or iDoc related
to the Transactions; (x) the attraction and retention of qualified directors, officers, employees and key personnel of Digital and