Firefly Neuroscience announces acquisition of Evoke Neuroscience

Firefly Neuroscience (AIFF) announced its acquisition of Evoke Neuroscience, a medical device company developing and commercializing technologies to aid in the comprehensive assessment of brain health. The transaction marks another important step toward Firefly building a proprietary foundation model of the human brain using its FDA-cleared Brain Network Analytics technology. As a result of the acquisition, Firefly’s assets and business now include: The largest known proprietary database of greater than180,000 standardized, EEG/ERP assessment records; 27 granted patents; greater than60 current commercial users. These increases in propriety brain scans, patents and commercial sites represent greater than two-fold, three-fold and 10-fold expansions, respectively, as a result of the acquisition. Purchase terms include: $6 million, to be paid 50% in cash and 50% in Firefly’s common stock priced at $3.50 per share. Eligibility for Evoke’s investors to receive a $500,000 earn-out to be paid in cash upon Evoke’s acquired business achieving at least $3 million in annualized revenues within the next three years.