Israeli medical device company Memic to merge with SPAC at more than USD 1 billion valuation
Israeli medical device company Memic Innovative Surgery, a surgical robotic technology company, is to merge with MedTech Acquisition Corporation, a publicly traded special purpose acquisition company (SPAC) focused on medical technology, at more than USD 1 billion valuation.
The Greenberg Traurig team advising Memic comprised Bob Grossman (Chair of GT’s Israel Practice), who led the team with Daniella Silberstein, (member of GT’s Israel Practice) and Joseph A. Herz, together with GT Tel Aviv attorney Aaron Katz. Partner Elie Sprung of Tadmor Levy & Co. Tadmor Levy & Co. acted as the Israeli counsel to Memic, represented by Elie Sprung, Boaz Feinberg and Sapir Atal Davidovich.
Wisconsin-based international law firm, Foley & Lardner is serving as legal counsel to MedTech.
The deal will give it USD 360 million to make a play in the robotic surgery market.
Upon the closing of the transaction, the combined company will operate under the Memic name and Memic will apply to have its ordinary shares listed on NASDAQ. The business combination is expected to be completed in the fourth quarter of 2021.
Memic’s Hominis® platform is the first and only FDA-authorized surgical robot that features miniature humanoid-shaped arms, with shoulder, elbow, and wrist joints, providing human level dexterity and 360-degree articulation.
