Lunit, a Korean medical AI company, has moved closer to acquiring Volpara Health Technologies, a New Zealand company specializing in AI-powered cancer examining software.

Volpara said its shareholders approved the deal with 96.92 percent of the votes cast at the company's annual general meeting last Friday (local time). If the deal gets final approval, Volpara shares will be traded until May 3, and Volpara shareholders will receive 1.15 Australian dollars for each Volpara share around May 21.

With the shareholder approval, the only remaining hurdle for Lunit in acquiring Volpara is the second approval from the High Court of New Zealand. The second approval will review the validity and effectiveness of the shareholder meeting’s result, which Lunit expects to win easily.

The High Court of New Zealand's approval process is two-step. Last month, the court granted initial approval, allowing the sell-off vote to proceed at the Volpara shareholder meeting. In addition, Lunit received approval from New Zealand's financial regulator in February to invest in the acquisition.

"The final steps in the transaction, which include applying to the High Court for a final approval order and satisfying other conditions, will be taken," Volpara said in a statement announcing the outcome of the shareholder meeting, adding that “Volpara’s board expects all these conditions to be met."

According to Lunit, all the legal steps necessary for acquiring Volpara have been finalized four months after the company announced its plans to acquire Volpara last December. At the time, Lunit CEO Brandon Suh said the company expects to complete the acquisition of Volpara by May.

The acquisition will allow Lunit to increase sales in the U.S., the world's largest healthcare market, and enhance its existing products. Last December, Lunit signed a $193 million deal with Volpara, under which it will acquire 100 percent of Volpara's shares.

Founded in 2009, Volpara is an AI platform company specializing in breast cancer screening. Headquartered in Wellington, New Zealand, it provides breast cancer screening solutions to more than 2,000 healthcare organizations in the United States. Last year, the company generated revenue of 35 million New Zealand dollars (about 28.8 billion won).

Volpara's products include Volpara Density, which quantifies breast tissue density; Volpara Risk, which provides a personalized breast cancer risk assessment; and Volpara Patient Hub, which improves mammography image quality.

Besides, Lunit will utilize Volpara's about 100 million mammogram images of Western women to enhance its mammography AI image analysis solution, Lunit Insight MMG, and 3D mammography AI image analysis solution, Lunit Insight DBT.

In addition, Volpara was named alongside Lunit as a participant in “CancerX,” a public-private partnership to advance the U.S. Joe Biden administration's “Cancer Moonshot” project to conquer cancer.