First Choice Healthcare to go public via Westin SPAC at $650m valuation
First Choice Healthcare Solutions has signed a definitive merger agreement with Westin Acquisition Corp, a Nasdaq-listed special purpose acquisition company, in a deal that would take the longevity and functional medicine operator to the public markets under the new name Wellgevity 360. The transaction implies a pre-money equity value of approximately $650 million for First Choice, which currently trades on the OTCQB under the ticker FCHS.
Under the terms of the agreement, Westin will first re-domicile from the Cayman Islands to Nevada, at which point it will continue as Wellgevity 360, Inc. A merger subsidiary will then combine with First Choice, leaving the latter as a wholly owned subsidiary of the new publicly traded vehicle. The combined company is expected to list on Nasdaq, subject to exchange approval, shareholder votes at both companies, and SEC clearance of the registration statement. Closing is targeted for the fourth quarter of 2026.
The deal
Lance Friedman, chief executive of First Choice Healthcare Solutions, said the combination would allow the company to "scale operations rapidly, invest in cutting-edge health technologies, and expand services to a broader patient base seeking to optimise their health span and lifespan." Kok Peng Na, chairman and chief executive of Westin, described First Choice as offering an "innovative healthcare platform" with "significant growth potential."
First Choice operates functional health, longevity and regenerative medicine clinics. Its service lines include primary care, advanced diagnostics, regenerative therapies, medical weight loss, and hormone optimisation. The company's stated model emphasises cash-pay and membership-based revenue structures, which it says reduce dependency on insurance reimbursement and generate more predictable income.
No transaction proceeds, sources and uses of funds, or pro forma ownership breakdown were disclosed in the announcement. Those details are expected to appear in the Form F-4 registration statement to be filed with the SEC.
Market context
The longevity and wellness sector has attracted significant investor attention over the past two years, supported by demographic tailwinds and a growing consumer willingness to pay out of pocket for preventive and optimisation-focused care. The Global Wellness Institute, cited in the release, estimates the global wellness economy reached $6.8 trillion and is projected to expand at an annual rate of 7.6% to approach $9.8 trillion by 2029.
In the United States specifically, the release notes that per capita wellness spending crossed $6,000 in 2024 and that the sector accounts for approximately 7.3% of GDP. These are company-cited third-party figures and have not been independently verified here.
The SPAC route to a Nasdaq listing remains a viable path for growth-stage healthcare services companies, though it carries well-documented execution risks. SPAC redemption rates have been elevated across the board since 2022, and the combined company will need to demonstrate clinical differentiation and a credible revenue trajectory to sustain a $650 million valuation in the public markets. A number of longevity and functional medicine platforms have pursued similar positioning in recent years, making the competitive landscape for patient acquisition and clinician talent increasingly crowded.
Advisors on the transaction include Celine and Partners and Ogier for Westin, Sichenzia Ross Ference Carmel for First Choice on US securities matters, and Geneva Capital as financial advisor to First Choice.