Check-Cap (CHEK) Registration Filing summary

Company overview and business model

• Operates as a clinical-stage medical diagnostics company transitioning to an AI software platform for autonomous systems through a merger with MBody AI, focusing on AI-as-a-Service for industries like hospitality, warehousing, and healthcare.

• MBody AI develops a proprietary, hardware-agnostic embodied AI stack for real-time management and coordination of robotic fleets, generating revenue via recurring subscriptions.

• The company has undergone significant restructuring, workforce reduction, and strategic pivots, including terminated and new business combination agreements.

Financial performance and metrics

• MBody AI has a limited operating history, has incurred operating losses since inception, and expects continued expenses as it grows.

• The company may require additional capital to fund operations and growth initiatives, with no assurance of profitability or future financing availability.

Use of proceeds and capital allocation

• May receive up to $30 million in gross proceeds from sales of ordinary shares to the selling shareholder under a three-year purchase agreement.

• Proceeds will be used for working capital and general corporate purposes, with management retaining broad discretion over allocation.