Check-Cap (CHEK) investor relations material

Company overview and business model

• Operates as a clinical-stage medical diagnostics company and is merging with an embodied AI software platform provider focused on autonomous robotics for hospitality and other sectors.

• MBody AI's core product is a hardware-agnostic orchestration platform for managing fleets of third-party robots, with initial deployments in hospitality and plans to expand to other labor-intensive industries.

• Revenue is generated through leasing robots, software subscriptions, and related services, with major customers including MGM Resorts and Caesars.

• The company recently acquired franchise rights for a Ghost Kitchen business in New Jersey, though it does not plan to deploy AI or robots in this segment currently.

Financial performance and metrics

• MBody AI achieved profitability in 2025, but operating cash flows were negative due to the capital-intensive lease model.

• The company is highly dependent on two major customers for revenue, leading to significant concentration risk.

• Management has expressed substantial doubt about the ability to continue as a going concern without additional capital or successful completion of the merger.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to pay merger-related fees, acquire and deploy robotic systems, build inventory, further develop the AI platform, and for general corporate purposes.

• Management retains broad discretion over the allocation of proceeds, with no current plans to finance additional acquisitions.