Aurora Technology Acquisition Corp. and DIH Technology Ltd. Announce Letter of Intent for a Business Combination

Rhea-AI Summary

Aurora Technology Acquisition Corp. (ATAK) has signed a non-binding Letter of Intent (LOI) with DIH Technology Ltd. for a potential business combination. This merger would see DIH's shareholders roll 100% of their equity into the newly formed public entity. DIH, a leader in robotics and virtual reality for rehabilitation, boasts over 4,500 installations across 70 countries. The combination aims to enhance corporate governance, investment capabilities, and accelerate DIH's growth strategy in a fragmented rehabilitation technology market, with a definitive agreement expected before January 31, 2023.

Positive

• DIH to roll 100% of their equity into the merged entity.
• Over 4,500 robots and VR systems installed globally.
• Strategic merger expected to enhance corporate governance and investment capabilities.
• Opportunities for growth through a scalable business model and proprietary technology.

Negative

• None.

DIH is a global leader in robotic and virtual reality-enabled rehabilitation technology

SAN FRANCISCO and NORWELL, Mass., Dec. 12, 2022 /PRNewswire/ -- Aurora Technology Acquisition Corp. (NASDAQ: ATAK) ("ATAK"), a publicly-traded special purpose acquisition company ("SPAC") and DIH Technology Ltd. ("DIH"), a leading global robotics and virtual reality ("VR") technology provider in the rehabilitation and human performance industry, today announced the signing of a non-binding Letter of Intent ("LOI") for a potential business combination.

Under the terms of the LOI, ATAK and DIH would become a combined entity, with DIH's shareholders rolling 100% of their equity into the combined public company. ATAK and DIH expect to announce additional details regarding the business combination when a definitive agreement is executed, which is expected before January 31, 2023.

As a global leader in the development and marketing of robotics for rehabilitation and virtual reality-based advanced movement platform for human performance, DIH owns industry-leading brands like HOCOMA and Motek, with more than 4,500 robots and advanced VR-based movement systems installed in 70 countries. DIH's principal customers include advanced research centers, innovative rehabilitation hospitals, and top healthcare clinics.

"We are very impressed by both the entrepreneurial spirit driving ATAK's management team as well as its diverse and well-respected board members and advisors. We believe the combination with ATAK will facilitate our launch as a public company with strong corporate governance, expand our capital market expertise, and enhance our strategic investment capabilities, including M&A. These all are critical to DIH's growth strategy as a transformative and innovative total solution provider and consolidator in the highly fragmented rehabilitation technology industry." said Jason Chen, CEO and Chairman of DIH's board of directors.

Zachary Wang, CEO and Chairman of ATAK's board of directors, commented, "DIH fits our acquisition target profile well as a multi-national smart technology provider in the human rehabilitation and performance industry. Founded by Asian-American entrepreneurs with over 20 years of experience managing global healthcare operations, the company has a strong tenured management team. We see DIH as an exciting opportunity for growth, with its proprietary technology, scalable business model, and experienced leadership team positioning it to expand its global market share and continue to drive innovations that lead the industry in benefiting patients. We believe that the merger and access to public markets will enable the company to continue to scale its global platform and deliver on its growth potential."

About Aurora Technology Acquisition Corp. (NASDAQ: ATAK)

Aurora Technology Acquisition Corp. is a Cayman Islands-exempted , San Francisco-based, special purpose acquisition corporation. ATAK's securities are listed on NASDAQ, with $202M cash in trust raised through its IPO. As a blank check company, ATAK was formed with the purpose of entering into a merger with a high-growth technology company, which preferably is founded by Asian or Asian-American entrepreneurs who are building a global enterprise supported by forward-thinking visions and innovative frontier technologies. ATAK seeks to identify compelling opportunities where an alignment of its operating expertise, investing experience, and a global network can accelerate the growth of the company for multi-national expansion.

ATAK web-site: https://www.auroraspac.com/

Contact:
Zachary Wang
CEO & Chairman of the Board
zachary@auroraspac.com

About DIH Technology, Ltd.

DIH stands for the vision to "Deliver Inspiration & Health" to improve the functioning of millions of people with disability and functional impairments. DIH is a global solution provider in blending innovative robotic and VR technologies with clinical integration and insights. Built through the mergers of global-leading niche technologies providers like HOCOMA- a Switzerland-based global leader in robotics for rehab, and MOTEK- a Netherlands-based global leader in sophisticated VR-enabled movement platform powered by real-time integration, DIH is positioning itself as a transformative total smart solutions provider and consolidator in a largely fragmented and manual-labor-driven industry.

DIH website: https://www.dih.com/

Contact:
Jason Chen
CEO & Chairman of the Board
jason.chen@DIH.com

View original content:https://www.prnewswire.com/news-releases/aurora-technology-acquisition-corp-and-dih-technology-ltd-announce-letter-of-intent-for-a-business-combination-301700773.html

SOURCE Aurora Technology Acquisition Corp.; DIH Technology Ltd.

FAQ

What is the recent announcement regarding ATAK and DIH?

ATAK has signed a non-binding Letter of Intent for a business combination with DIH Technology Ltd.

What does the merger between ATAK and DIH involve?

DIH's shareholders will roll 100% of their equity into the combined public company.

What are the expected benefits of the ATAK and DIH merger?

The merger aims to enhance corporate governance and capital market expertise for DIH's growth strategy.

When is the definitive agreement for the ATAK-DIH merger expected?

A definitive agreement is expected to be executed before January 31, 2023.

What is DIH known for in the technology industry?

DIH is recognized for its leadership in robotics and virtual reality technologies for rehabilitation.