OnMed to lead combined firm after LOI with Berto Acquisition

Rhea-AI Filing Summary

Berto Acquisition Corp. said it has signed a nonbinding letter of intent to combine with OnMed LLC, a company that designs and operates portable 8-by-10-foot CareStations that blend telemedicine with clinic tools like a stethoscope, blood pressure monitor, scale, and infrared camera.

OnMed operates under contracts in seven states and Puerto Rico. CEO Karthik Ganesh, who would lead the combined company, said the stations can be deployed in 30 days and have fully diagnosed 85% of patients without specialist referral, while supporting the 50% of patients who said they would otherwise have gone to the ER or urgent care.

Berto, the 10th SPAC sponsored by Harry You, raised $300 million including overallotment shares in an April IPO. The announcement comes amid a stronger SPAC market, with 108 U.S. SPACs raising more than $22 billion this year and 59 merger deals announced since Jan. 1.

Insights

SPAC and M&A Analyst

Nonbinding LOI signals intent; terms and closing remain uncertain.

Berto Acquisition Corp. disclosed a nonbinding letter of intent to combine with OnMed, a provider of portable telehealth-enabled clinic stations. An LOI outlines intent but allows changes to terms and structure until a definitive agreement is signed.

OnMed’s CEO highlights operational claims—deploy in 30 days and fully diagnose 85% of patients without specialist referral, with 50% indicating they would have otherwise visited ER/urgent care. These speak to utilization potential but remain company-reported metrics.

Berto previously raised $300 million in its IPO, which can support a transaction depending on redemptions and any additional financing. Broader context shows renewed SPAC activity with more than $22 billion raised this year. Actual impact depends on reaching a definitive agreement and subsequent steps.

Filed by Berto Acquisition Corp. pursuant to

Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: Berto Acquisition Corp.

Commission File No.: 001-42620

Harry You SPAC Plans to Merge With Clinic-in-a-Box Firm OnMed

By Liana Baker

October 29, 2025 at 8:00 AM EDT

Blank-check deal veteran Harry You’s latest special purpose acquisition company is looking to merge with a business that operates portable health-care stations.

Berto Acquisition Corp. has signed a nonbinding letter of intent to combine with OnMed LLC, according to a statement reviewed by Bloomberg News.

OnMed could be valued at more than $500 million if a transaction is completed, said people familiar with the matter who asked not to be identified because that information was private. Representatives for Berto and OnMed declined to comment on the possible valuation.

With contracts in seven states and Puerto Rico, OnMed designs and operates 8-by-10-foot health stations that are a hybrid of telemedicine and a doctor’s office. The trademarked CareStations each feature a telemedicine hook-up but also tools found in a clinic such as a stethoscope, blood pressure monitor, scale and infrared camera.

OnMed Chief Executive Officer Karthik Ganesh, who will lead the combined company, said in the statement that the stations, which operate at a fraction of the cost of an in-office clinic, can be deployed in just 30 days.

“With CareStations having fully diagnosed 85% of patients without a specialist referral and supported the 50% of patients who said they would otherwise had gone to the ER or urgent care, we are proving that this model works,” Ganesh said.

Berto, the 10th SPAC sponsored by You, raised $300 million including overallotment shares in an initial public offering in April. You has taken public businesses such as sports information provider Genius Sports Group, online gambling company Rush Street Interactive Inc. and quantum computing company IonQ Inc., according to a statement at the time.

One of You’s SPACs agreed in September to a combination with Horizon Quantum Computing Pte., whose software platform makes quantum computing more accessible.

“OnMed has the financial and business characteristics we like to see for the companies we have taken public,” You said, “strong growth, an emerging free cash flow positive model, an IP-protected platform, and a massive addressable market with the potential to be extended further by cutting edge technologies like AI.”

SPACs are having the best year for fundraising since their peak in 2021. As of Tuesday, 108 SPACs in the US have raised more than $22 billion this year, exceeding the combined totals for all of 2023 and 2024, according to data from SPAC Research. Some 59 deals for those SPACs merging with companies have been announced since Jan. 1.

— With assistance from Bailey Lipschultz

FAQ

What did Berto Acquisition Corp. (TACO) announce?

It signed a nonbinding letter of intent to combine with OnMed LLC.

What does OnMed do and where does it operate?

OnMed designs 8-by-10-foot CareStations blending telemedicine and clinic tools, with contracts in seven states and Puerto Rico.

Who would lead the combined company after the Berto–OnMed deal?

Karthik Ganesh, OnMed’s CEO, would lead the combined company.

How quickly can OnMed deploy its CareStations?

According to OnMed’s CEO, CareStations can be deployed in 30 days.

What outcomes did OnMed report for its CareStations?

They have fully diagnosed 85% of patients without a specialist referral and supported the 50% who said they would otherwise have gone to ER or urgent care.

How much did Berto Acquisition Corp. (TACO) raise in its IPO?

Berto raised $300 million including overallotment shares in an April IPO.

What is the current SPAC market backdrop mentioned?

In the U.S., 108 SPACs have raised more than $22 billion this year, with 59 mergers announced since Jan. 1.