Summary by Futu AI
On June 11, 2024, Assure Holdings Corp., a Nevada-based company listed on the NASDAQ Capital Market under the trading symbol IONM, announced the termination of a previously agreed Merger Agreement with Danam Health, Inc. The agreement, initially disclosed on February 12, 2024, outlined a plan for Assure Merger Corp., a wholly-owned subsidiary of Assure, to merge with Danam, resulting in Danam becoming a subsidiary of Assure. The termination was enacted under Section 8.1(b) of the Merger Agreement due to alleged misrepresentations by Danam concerning its financial condition and ability to complete the acquisition transactions, as well as a failure to perform its covenants, including meeting the closing condition. Assure Holdings Corp. is now seeking reimbursement for all related fees, costs, and expenses incurred in connection with the Merger Agreement.