MedTech Acquisition announced today it has called off its proposed merger with Memic Innovative Surgery by mutual agreement. The parties cited market conditions and associated volatility as a result of recent world events as the basis for the decision.
The SPAC adjourned yesterday’s shareholder meeting without voting on the deal and planned to reconvene this morning. Today’s meeting was cancelled in the wake of the deal termination.
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.
Announced in August, the transaction terms called for Memic to receive MedTech’s $250 million cash held in trust and a $76 million PIPE. Read more.
