MedTech (NASDAQ:MTAC) terminated its combination with surgical technology company Memic this morning after adjourning it’s scheduled meeting to complete yesterday to this morning at 11AM.
Yesterday’s meeting received sufficient turnout and affirmative votes, but adjourned without finalizing any business. A number of SPAC deals have fallen through in the current climate of high redemptions and while MedTech did not disclose redemption figures, they were likely the cause of the breakup.
The parties’ combination agreement required MedTech to maintain at least $250 million in cash available and that less than 50% of its trust be redeemed by shareholders. Only five of the 30 votes reported by SPACs so far this year have seen redemptions under 50% and that includes extension votes, which typically see lower figures.
Nonetheless, more optimistic deal terms were not unreasonable when the $655 million combination was announced on August 13, 2021. MedTech also supplemented the transaction with a $76 million PIPE, but adding to PIPEs has become increasingly difficult in the present environment.
MedTech will continue to seek out a combination and has time with transaction deadline set for December 22, 2022.
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...