Check-Cap Ltd Dossier
Qualitative Analysis
Business overview
Check-Cap Ltd. (NASDAQ: MBAI) is historically a clinical-stage medical diagnostics company that developed the C-Scan system, a non-invasive, ingestible X-ray capsule designed for colorectal cancer screening. However, following clinical trial setbacks in 2023, the company initiated a comprehensive evaluation of strategic alternatives. This culminated in a definitive Agreement and Plan of Merger signed on September 12, 2025, with MBody AI Corp., an emerging leader in embodied artificial intelligence and enterprise robotics. Under the terms of the transaction, which is structured as a reverse recapitalization, MBody AI will become a wholly owned subsidiary of Check-Cap, and former MBody AI equityholders will own approximately 90% of the combined entity. Reflecting this strategic pivot, the company changed its Nasdaq ticker symbol from 'CHEK' to 'MBAI' on December 2, 2025.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Following the wind-down of its legacy clinical-stage medical diagnostics operations (C-Scan System), Check-Cap entered into a definitive merger agreement with MBody AI Corp. to transition into a hardware-agnostic embodied AI provider utilizing the MBody AI Orchestrator platform.
Expected impact: Positions the company to operate in the rapidly growing autonomous workforce and embodied AI markets, serving industries such as hospitality, healthcare, logistics, and data centers.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To merge CC Merger Sub Inc. with and into MBody AI, with MBody AI surviving as a wholly-owned subsidiary of Check-Cap, transforming the combined entity into a leading publicly traded embodied AI company.
Financial impact: Upon closing, former MBody AI equityholders will own approximately 90% of the combined company, and Check-Cap equityholders will own approximately 10% on a fully diluted basis.
Strategic Partnerships
In connection with the MBody AI merger, the previous business combination agreement with Apollo was terminated by mutual consent. Outstanding loans made by Check-Cap to Apollo were converted into a 7.5% equity position in Apollo owned by Check-Cap.
Terms: The $6.5 million loan receivable was derecognized and converted into a 7.5% equity investment in Apollo.