Memic Innovative Surgery and MedTech Acquisition today announced a definitive agreement for a business combination. The combined companies are valued at an estimated pro-forma equity value of more than $1 billion.
The combined company’s estimated cash balance will consist of MedTech’s $250 million cash held in trust, assuming no redemptions by public stockholders, a $76 million PIPE and $63 million from the current balance sheet of Memic, less estimated transaction expenses and operational expenses through closing.
The PIPE is led by investors including Bridger Healthcare, The Kraft Group, Monashee Investment Management, Pura Vida Investments, Wellington Management, Ken Langone, Peregrine Ventures, HighSage Ventures, and management and board members of MedTech. Memic’s existing stockholders will roll 100% of their equity into the combined company.
If approved, upon closing Memic will apply to list on the Nasdaq. The deal is expected to be completed in the fourth quarter.
Memic was founded in 2013 and based in Tel Aviv, Israel with a wholly owned subsidiary based in Fort Lauderdale, Florida. The medical device company is engaged in surgery innovation with its proprietary robotic technology. Read more.
