FAIRFAX, Va. - WaveDancer, Inc. (NASDAQ:WAVD), an information technology systems company, and Firefly Neuroscience, Inc., a brain health firm specializing in AI, have both received the necessary stockholder approvals to proceed with their merger. The approvals were finalized at a special meeting for WaveDancer stockholders on March 14, 2024, and through a written consent from a majority of Firefly's outstanding voting shares.
The merger is anticipated to close in the second quarter of 2024, subject to the satisfaction of closing conditions, including the combined company's listing on Nasdaq. Following the closure, the merged entity is expected to operate under the name Firefly Neuroscience, Inc. and trade on the Nasdaq Capital Market under the ticker symbol "AIFF."
WaveDancer's CEO, Jamie Benoit, expressed gratitude towards the shareholders for their support, which is seen as a pivotal step in transforming the company into an AI-enabled neurological health platform. The combined enterprise will focus on the development and commercialization of Firefly's Brain Network Analytics (BNA) software platform, which has received FDA 510(k) clearance.
Firefly has dedicated around $60 million over 15 years to develop the BNA Platform, accumulating a significant database of brain wave tests, securing patent protection, and obtaining FDA approval. The platform, powered by AI and machine learning, is designed to provide clinicians with detailed insights into brain function to improve the diagnosis and treatment of mental illnesses and cognitive disorders.
The merger is part of a strategic shift for WaveDancer, which has historically provided IT-related professional services. Upon completion of the merger, WaveDancer's existing IT business will be sold, and the company will solely advance Firefly's business in the neurological health sector.
This news is based on a press release statement.
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