Mana Capital Acquisition Corp. (MAAQ) Shareholders Approve Cardio Diagnostics Deal

Mana Capital (NASDAQ:MAAQ) announced this morning that its shareholders approved its combination with biopharmaceutical firm Cardio Diagnostics in a special meeting held yesterday.

The press release did not disclose redemption amounts, but MAAQ traded below its trust value of $10 throughout its redemption deadline October 21, and closed yesterday at a low of $5.99.

Nonetheless, the combined company will operate under the name “Cardio Diagnostics Holdings, Inc.,” and will be led by CEO Meeshanthini (Meesha) Dogan, Ph.D., and the rest of its current management team. The company’s common stock and warrants are expected to start trading today on the Nasdaq under the new trading symbols “CDIO” and “CDIOW,” respectively. The warrant exercise price for each Cardio warrant is $11.50.

The parties initially announced their $75 million business combination on May 31. Chicago-based Cardio sells heart health tests direct to consumers via its website and purports to be able to detect whether a patient may experience a heart attack in the near future.

Mana Capital’s stockholders also voted to approve all other proposals presented at the special meeting.

ADVISORS

• The Benchmark Company LLC is serving as the financial advisor to Mana.
• Becker & Poliakoff LLP is serving as legal advisor to Mana.
• Shartsis Friese LLP is serving as legal advisor to Cardio Diagnostics.