Firefly Neuroscience Acquires Evoke Neuroscience In $6M Cash-And-Stock Deal, Advancing Proprietary Brain Model Development

Builds upon Firefly's recent acceptance into the NVIDIA Connect program

Marks next major step toward building a proprietary foundation model of the human brain

KENMORE, N.Y., May 05, 2025 (GLOBE NEWSWIRE) -- Firefly Neuroscience, Inc. ("Firefly," or the "Company") (NASDAQ:AIFF), an Artificial Intelligence ("AI") company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders, is pleased to announce its acquisition of Evoke Neuroscience, Inc. ("Evoke"), a medical device company developing and commercializing technologies to aid in the comprehensive assessment of brain health. The transaction marks another important step toward Firefly building a proprietary foundation model of the human brain using its FDA-cleared Brain Network Analytics ("BNA™") technology.

Purchase terms include:

• $6 million, to be paid 50% in cash and 50% in Firefly's common stock priced at $3.50 per share.
• Eligibility for Evoke's investors to receive a $500,000 earn-out to be paid in cash upon Evoke's acquired business achieving at least $3 million in annualized revenues within the next three years.