MedTech Acquisition has pushed a shareholder meeting back to Dec. 12, giving the SPAC more time to solicit votes toward the approval of a merger deadline extension. The SPAC wants an extra six months to complete a deal — up to June 22, 2023.
MedTech last month announced a merger agreement with TriSalus Life Sciences at a $244.4 million post-close market cap. The SPAC said management doubts there is enough time to finalize the deal before the current Dec. 22 deadline.
The target is a privately held oncology therapeutics company integrating immunotherapy with disruptive delivery technology to transform the treatment paradigm for patients with liver and pancreatic tumors. TriSalus has raised about $170 million in venture funding from backers including Tullis Health Investors.
If approved, at closing the combined company expects to have at least $60 million in cash, which assumes “significant redemptions,” according to the press release announcing the deal. Cash at closing includes up to $50 million from a convertible note for which MedTech and TriSalus have entered into a non-binding term sheet with an institutional investor. Read more.
