In September 2021, British diagnostics firm LumiraDx went public on the Nasdaq following its merger with a special purpose acquisition corporation through a so-called Spac deal. The deal valued LumiraDx at almost $5 billion. The company was championed by Bill Gates and was tackling a then-critical issue – diagnosing Covid-19.  However, on its first day of trading, its share price dropped from $10 to $7.94. And things did not get better.  The company has since sought an aggressive cost restructuring programme, appointed administrators to several Cayman Island-registered entities, and sold off the bulk of its business to Roche.  Now, it…

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