ARYA Sciences IV filed a new investor presentation highlighting its proposed merger with Adagio Medical, which develops catheter ablation technologies for treatment of cardiac arrhythmias.
The SPAC signed the merger agreement with Adagio in February. The deal has a pre-money equity valuation of $24 million, according to the presentation, and a fully diluted enterprise value of $116 million.
PIPE investors are set to receive 1.2 shares and 120% warrant coverage for every $10 of investment.
If approved, upon closing Adagio Medical will list on the Nasdaq under the ticker symbol ADGM. The combined company is expected to put $30 million in cash on the balance sheet, after closing and payment of expenses.
Investors have committed to provide $20 million in convertible debt (which includes bridge financing for the period between signing and closing) and $22 million in equity financing (which includes the non-redemption of cash in ARYA’s trust).
ARYA Sciences IV raised $130 million three years ago to focus on the healthcare industry in the United States and other developed countries. Read more.
