Core Insights - The implied value of Strive's all-stock acquisition offer for Semler Scientific has decreased by approximately 76% from September to December due to the loss of key customers that accounted for a significant portion of Semler's revenue [1] Group 1: Acquisition Details - Under the amended merger agreement, Semler Scientific shareholders will receive a fixed ratio of 21.05 shares of Strive Class A common stock for each share held, translating to approximately $21.68 per Semler share based on Strive's closing price on December 2 [2] - The initial offer represented a 210% premium to Semler Scientific's closing price prior to the announcement, but skepticism was noted regarding the disparity between the offer price and Semler's trading price immediately after the announcement [3] Group 2: Financial Performance and Challenges - Semler Scientific's medical hardware revenue is expected to decline sharply, with two major customers, which contributed over 60% of its revenue in Q3 2025, ceasing orders, leading to a projected revenue drop of at least 60% in Q4 compared to Q3 [4] - For Q3, Semler Scientific reported a net income of $16.9 million, a significant increase from $5.6 million in the same period last year, primarily due to a $30 million unrealized gain in Bitcoin holdings [5] Group 3: Merger Approval Status - The merger is pending approval from Semler Scientific stockholders and is subject to customary regulatory closing conditions, while Strive stockholders have already approved the share issuance [6]