SS Innovations International, Inc. (SSII): M&A transaction — SS Innovations completes reverse merger with CardioVentures; acquiree shows $3.4M loss, going concern doubt

SS Innovations International, Inc.

Merger closed April 14, 2023; CardioVentures shareholders received 135.8M shares (≈95% of SSII post-merger).
Dr. Sudhir Srivastava becomes controlling shareholder, Chairman and CEO; new management team appointed.
CardioVentures 2022 revenue $1.46M, net loss $3.39M; accumulated deficit $3.7M.
Auditor expresses substantial doubt about CardioVentures' ability to continue as going concern.
Company issued 3.82M shares to Dr. Frederic Moll for $3M interim financing.

item 2.01 item 3.02 item 5.01 item 5.02 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

SS Innovations International, Inc. underwent a change of control involving CardioVentures, Inc. for 135,808,884 shares of SSII common stock and shares of Series A Non-Convertible Preferred Stock (closed 2023-04-14).

Action: change of control
Counterparty: CardioVentures, Inc.
Consideration: 135,808,884 shares of SSII common stock and shares of Series A Non-Convertible Preferred Stock
Closing: 2023-04-14

Exact text from the filing

Based in Haryana, common stock of CardioVentures (including certain parties who provided interim convertible financing during the pendency of the Merger Agreement, were issued 135,808,884 shares of SSII common stock, representing approximately 95% of issued and outstanding shares of SSII common stock post-Merger, with the existing shareholders of SSII holding

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SS Innovations International, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-051692

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