- Robotic-surgery firm Memic Innovative Surgery agreed to a deal to go public through a transaction with SPAC MedTech Acquisition Corp (NASDAQ:MTAC). MTAC rose over 1%.
- The deal will value the combined companies at more than $1B with about $360M in pro forma cash on the balance sheet, according to a statement. The deal includes a $76M PIPE with investors including Bridger Healthcare, Kraft Group, Monashee Investment, Wellington, Ken Langone and others.
- The deal, which was first reported by Bloomberg in May, is expected to be completed in Q4. Memic will apply to have its shares listed on Nasdaq.
- Memic has headquarters in Tel Aviv, Israel as well as a wholly-owned subsidiary in Fort Lauderdale, Florida. Memic appears to compete with Intuitive Surgical (NASDAQ:ISRG).
- Security holders of Memic are expected to own approximately 61.6%, MedTech (MTAC) stockholders 24.7%, PIPE investors 7.5%, and MedTech's sponsor 6.2% of the combined company.
- BofA Securities is serving as sole financial advisor to Memic. Greenberg Traurig, LLP is serving as legal counsel to Memic.
- In April, Bill Gates-backed Vicarious Surgical agreed to a deal to go public via $1.1B SPAC deal with D8 Holdings (NYSE:DEH).
Robotic-surgery firm Memic Innovative confirms deal to go public through SPAC MedTech
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