CLINIGENCE HOLDINGS AND NUTEX HEALTH ANNOUNCE COMPLETION OF THE MERGER AND IPO ON THE NASDAQ CAPITAL MARKET

FT. LAUDERDALE, Florida. and HOUSTON, April 1, 2022 /PRNewswire/ — Clinigence Holdings, Inc. (“Clinigence” or the “Company”) (OTC: CLNH), a primary care-focused, technology-driven, risk-taking population health management company, and Nutex Health Holdco LLC (“Nutex Holdco”), together with its subsidiaries comprising one of the largest independent operators of micro-hospital and hospital outpatient services in United States, today announced the successful completion of their business combination. The newly merged company, which will continue under the new name “Nutex Health Inc.”, brings together two complementary healthcare organizations.

Common stock of Nutex Health Inc., which had traded on the OTC Pink Marketplace under the symbol “CLNH”, has been approved for listing on the Nasdaq Capital Market (“NASDAQ”). The common shares of the Company are expected to begin trading on NASDAQ on April 4, 2022 under the new symbol “NUTX”.

As part of the merger, equity holders in Nutex Holdco (primarily comprised of physician owners who, prior to the merger, had contributed all or part of their equity interests in Nutex-affiliated hospitals to Nutex Holdco) received a total of 590 291,712 shares of common stock, representing approximately 92% of the issued and outstanding common stock of the newly merged company. As set forth in Clinigence’s proxy statement relating to the merger filed with the Securities and Exchange Commission on February 14, 2022the number of shares issued in connection with the merger in exchange for interests in Nutex Holdco was calculated on the basis of the last twelve months (“TTM”) of earnings before interest, taxes, depreciation and amortization (“EBITDA”) attributable the stakes contributed in hospitals affiliated to Nutex at September 30, 2021 of $163.9 million. This EBITDA figure is an unaudited, non-GAAP financial measure and is not intended to be used as a measure of financial performance, but rather should be considered only as the basis for calculating the merger consideration.

Nutex will be led by Tom VoMD, MBA, as President and CEO, Warren HosseinionMD as President, mike bowen as Chief Financial Officer and Denise Pufal as Chief Operating Officer. Michael ChangMD will be the Chief Medical Officer, Larry SchimmelMD will be the director of medical information, Elisa LuqmanJD, MBA will be General Counsel (SEC) and Pamela MontgomeryJD, LL.M, MSN, BSN, RN will be General Counsel (Health).

The Board of Directors will be composed of seven directors: four independent directors (Mitch Cream, John WatersCPA, Michael Reed and Cheryl GrenasRN, MSN) in addition to Dr Vo, Dr Hosseinion and Matt S. YoungMD

“We are very pleased to announce the completion of our merger with Clinigence Holdings to create one of the nation’s leading integrated care delivery models,” said Tom Vo, MD, MBA, Chairman and CEO of Nutex Health. “We believe that the combination of resources from our two organizations is unique and we are excited about our future. We anticipate very exciting growth opportunities. We would also like to thank all of our shareholders, employees and affiliated physicians for their continued support. .”

“As an integrated physician-led hospital system with at-risk provider networks, we are committed to providing all of our patients with the most efficient and highest quality care to ensure clinical outcomes, patient satisfaction and exceptional usage,” said Warren Hosseinion, Chairman of Nutex Health. “This merger, along with our listing on NASDAQ, are important steps as we continue to build shareholder value.”

Advisors

The Benchmark Company and Colliers International acted as financial advisors to Clinigence in the transaction and McDermott, Will & Emery acted as legal advisor to Clinigence. Ernst & Young Capital Advisors acted as exclusive financial advisor to Nutex Health and Locke Lord LLP acted as legal advisor in connection with the transaction.

About Nutex Health, Inc. (the merged company)

Based at Houston, TX and founded in 2011, Nutex Health, Inc. is a physician-led, technology-based healthcare services company with approximately 1,500 employees nationwide and partnered with more than 800 physicians. The Company has two divisions: a Hospital division and a Population Health Management division. The hospital division owns and operates 21 facilities in eight different states. The division implements and operates various innovative healthcare models, including micro-hospitals, specialty hospitals and hospital outpatient services (HOPD). The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Service Organizations (MSOs), we provide management, administrative and other support services to our affiliated hospitals and physician groups. Our proprietary, cloud-based technology platform aggregates clinical and claims data across multiple settings, information systems, and sources to create a holistic view of patients and providers, enabling us to deliver higher quality care more effectively.

Safe port:

Certain statements and information in this press release constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Act of 1995. When used in this press release, the words “will result”, “will likely result “, “should”, “will continue”, “anticipate”, “estimate”, “project”, “intend”, “goal” or similar expressions are intended to identify “forward-looking statements” within the meaning of the headings Private Litigation Reform Act 1995. Such statements are subject to certain known and unknown risks and uncertainties, many of which are beyond the control of the Company. These uncertainties and risks include the ability to realize the anticipated benefits of the transaction, significant transaction costs and unknown liabilities as well as litigation and regulatory risks related to the transaction. In addition, forward-looking statements are subject to additional uncertainties and risks that the Company faces, including, but not limited to, economic conditions, dependence on management, shareholder dilution , lack of capital, changes in laws or regulations, the effects of rapid growth on the Company and management’s ability to respond effectively to growth and demand for the Company’s products and services, new developing technologies, the Company’s ability to compete, conflicts of interest in related party transactions, regulatory issues, technology protection, lack of industry standards, the effects of competition and the Company’s ability to obtain future financing. Such factors could have a material adverse effect on the financial performance of the Company and could cause the actual results of the Company for future periods to differ materially from the opinions or statements expressed in this press release.

SOURCE Clinigence Holdings, Inc.

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