Spinal Stabilization Technologies and BlueRiver Acquisition today announced a definitive business combination agreement at a pre-money equity value of $240 million.
If approved, upon closing Spinal Stabilization Technologies would list on an approved stock exchange.
The combined company would have an estimated post-transaction enterprise value of approximately $302 million. That figure assumes a proposed $40 million PIPE and 100% redemptions by BlueRiver shareholders.
Any proceeds from the transaction will be used to execute on the company’s business plan including funding an FDA pivotal trial and commercial expansion.
Spinal Stabilization Technologies is a medical device company focused on developing and then commercializing a proprietary lumbar implant for nucleus pulposus replacement to alleviate certain types of lower back pain. SST’s flagship product, the PerQdisc, is a lumbar intervertebral disc nucleus replacement. The PerQdisc is an investigational device in the U.S. and has not been approved by the FDA.
BlueRiver shareholders are scheduled to meet Friday to consider a deadline extension. The SPAC wants to push its Aug. 2 deadline to Feb. 2, 2024. If approved and if management opts to run the extension until next February, it would mark more than three years since BlueRiver’s IPO.
Cohen & Company Capital Markets is BlueRiver’s exclusive financial advisor and lead capital markets advisor. Goodwin Procter is acting as BlueRiver’s legal counsel. Kreager Mitchell is SST’s legal counsel. Read more.
