MTAC - SPAC MedTech Acquisition Memic Innovative Surgery call off planned merger

SPAC MedTech Acquisition Corp. (NASDAQ:MTAC) and Memic Innovative Surgery Ltd. said that they have agreed to terminate their planned merger due to market volatility and recent world events. The SPAC and Israeli medical device company had originally announced their intention to combine in August 2021, valuing the proposed combined company at a pro forma equity value of $1B. The deal was expected to be completed in Q4 2021 and would have transformed Memic into a publicly traded company. The intended deal was to be supported by a $76M PIPE, which included investments by Bridger Healthcare, The Kraft Group, Monashee Investment Management, Pura Vida Investments, Wellington Management, Ken Langone, Peregrine Ventures and HighSage Ventures. Based in Tel Aviv, Memic also has a wholly owned subsidiary in Florida. The medical device maker has developed a surgical robotic platform called Hominis. The device has been approved by the US Food and Drug Administration

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SPAC MedTech Acquisition, Memic Innovative Surgery call off planned merger