DarioHealth (NASDAQ: DRIO), a pioneer in the global digital therapeutics (“DTx”) market, has completed the acquisition of PsyInnovations Inc. (dba wayForward). The acquisition was conducted through the merger of PsyInnovations into DarioHealth’s wholly owned subsidiary, WF Merger Sub Inc., which changed its name to PsyInnovations Inc. The conditions of the merger, which was announced last month, called for DarioHealth to pay aggregate consideration of $6 million in cash and up to $24 million in shares of company common stock, par value $0.0001 per share, including up to $5 million structured as an earn-out payable in shares of common stock if behavioral health revenues exceed a certain threshold in 2022. The announcement noted that the company, through its subsidiary PsyInnovations Inc., will employ PsyInnovations’ founders Ritvik Singh and Dr. Navya Singh as general manager, head of behavioral health, and chief behavioral science officer, respectively. Singh’s offer letter outlines a grant, effective at the closing, of a nonqualified stock option to purchase 75,000 shares of the common stock pursuant to Nasdaq Listing Rule 5635(c)(4), outside of the company’s existing 2020 equity incentive plan.
To view the full press release, visit https://ibn.fm/wFbku
About DarioHealth Corp.
DarioHealth Corp. is a leading global digital therapeutics company revolutionizing how people with chronic conditions manage their health. Dario’s next-generation, AI-powered, digital therapeutic solutions support more than just an individual’s disease. Dario provides adaptive, personalized experiences that drive behavior change through evidence-based interventions; intuitive, clinically proven digital tools; high-quality software; and coaching to help individuals improve health and sustain meaningful outcomes. Dario offers one of the highest-rated diabetes and hypertension solutions on the market. The company’s cross-functional team operates at the intersection of life sciences, behavioral science, and software technology and is rapidly expanding into new chronic conditions and geographic markets, using a performance-based approach to improve its users’ health. Dario makes the right thing to do the easy thing to do. For more information about the company, please visit www.DarioHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to DRIO are available in the company’s newsroom at http://ibn.fm/DRIO
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