2023-04-24 10:50:47 ET
- Picard Medical and subsidiary SynCardia Systems will become a publicly traded company under a SPAC merger with Altitude Acquisition Corp. ( NASDAQ: ALTU ).
- The deal values Picard Medical at an enterprise value of $480M.
- The transaction has been approved by the boards of both companies and is expected to close in Q4.
- SynCardia develops and manufactures mechanical heart replacement technology . The company is known for the SynCardia Total Artificial Heart, the only artificial heart of its kind approved in the US and Canada.
- Altitude ( ALTU ) alluded to the deal back in December 2022 when it said it signed a non-binding letter of intent to merge with a "leading" medical device maker .
For further details see:
Picard Medical, SynCardia going public in $480M SPAC deal