VASO Corp 8-K, filed Sep 19, 2024
VASO Corp (VASO)
About this 8-K
VASO Corp filed this 8-K on September 19, 2024, reporting on events of September 17, 2024.
Items reported
- Item 1.02: Ended a material agreement
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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Item 1.02 Termination of a Material Definitive Agreement
As previously reported, on December 6, 2023, Vaso Corporation, a Delaware corporation (“Vaso”), entered into a business combination agreement (the “Business Combination Agreement”) with Achari Ventures Holdings Corp. I, a Delaware corporation ( “Achari”), and Achari Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Achari (“Merger Sub”). The Business Combination Agreement provides that, subject to the terms and conditions set forth in the Business Combination Agreement, Merger Sub would merge with and into Vaso, with Vaso as the surviving entity and becoming a wholly owned subsidiary of Achari.
On September 17, 2024, Vaso provided to Achari a notice of termination of the Business Combination Agreement.
Item 8.01 Other Events
On September 18, 2024, Vaso issued a press release announcing the termination of the Business Combination Agreement. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release, dated September 18, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 18, 2024
| VASO CORPORATION | ||
| By: | /s/ Jun Ma | |
| Name: | Jun Ma | |
| Title: | Chief Executive Officer and President | |
2
Exhibit 99.1
Vaso Corporation Announces Termination of Business Combination Agreement with Achari Ventures Holdings Corp. I
PLAINVIEW, N.Y., September 18, 2024 — Vaso Corporation (“Vaso”) (OTCQX: VASO) today announced that it has provided notice to Achari Ventures Holdings Corp. I (“Achari”) to terminate the Business Combination Agreement with Achari. The Company will continue to seek opportunities to increase stockholder value, including through internal growth, new partnerships, and strategic investments with a concentration on medical and IT service companies.
About Vaso Corporation
Vaso Corporation is a diversified medical technology company operating in three business segments:
| ● | IT Segment provides network and IT services through two operating units: NetWolves Network Services, a managed network services provider with an extensive, proprietary service platform to a broad base of customers; and VHC-IT, a service provider for healthcare application solutions from various vendors as well as related services, including implementation, management and support. |
| ● | Professional Sales Service Segment provides sales service of capital medical equipment through a wholly owned subsidiary VasoHealthcare, currently serving as the exclusive sales representative of GE HealthCare diagnostic imaging and ultrasound products and services in certain market segments in the USA. |
| ● | Equipment Segment manages and coordinates the design, manufacture and sales of proprietary medical equipment and software, as well as operates the Company’s overseas assets including China-based subsidiaries. |
Additional information is available on the Company’s website at www.vasocorporation.com.
Forward Looking Statements
Except for any historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential”, “looking forward”, and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn in the US economy and the continued impact of the COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contact:
Michael J. Beecher
Investor Relations
Phone: 516-997-4600
Email: mbeecher@vasocorporation.com