Senior Connect Acquisition Corp. I, a publicly traded special purpose acquisition company, has announced today that it has entered into a non-binding letter of intent for a business combination with Avellino Lab USA, Inc. Avellino, a leader in precision medicine, is making a global impact in genetics and bringing innovative diagnostics, therapies, and AI-driven data processing to patient care.
Under the terms of the LOI, the Company and Avellino would become a combined entity, with Avellino’s existing equityholders exchanging their shares in Avellino for equity in the combined public company. The Company expects to announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected early in the first quarter of 2023.
No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to board and equityholder approval of both companies, regulatory approvals and other customary conditions.
Avellino is a genetics-based diagnostics and research company, advancing precision health using machine learning to unlock the potential for research, development and commercialization of diagnostics and therapeutics. The primary driver of its business is the aggregation, curation, and deep analysis of vast amounts of genetic data to provide solutions for early detection of disease states in the areas of ophthalmology, oncology and infectious disease. Avellino’s business has a strong track record of diagnosing genetic conditions, initially focused on corneal dystrophies and other inherited diseases in ophthalmology. In addition to expertise in ophthalmology, Avellino is developing a non-invasive early cancer diagnostic derived from whole blood, saliva or tissue samples.
Senior Connect Acquisition Corp. I is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.
