09:46 AM EST, 11/06/2024 (MT Newswires) -- Spectral AI (MDAI) said Wednesday that it plans to spin off its Spectral IP unit via a transaction with Sauvegarder Investment Management.

The company said it expects to complete the transaction through a distribution of Spectral IP stock to its current shareholders. Following the spinoff, Spectral IP will be an independent publicly-traded company, to be renamed as SIM IP, according to the statement.

Spectral AI said SIM IP will be based in Miami, Florida and will focus on IP-based financing and monetization services across various sectors.

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