MedTech Acquisition Corporation and Memic Innovative Surgery Ltd. Mutually Agree to Terminate Business Combination

Rhea-AI Summary

MedTech Acquisition Corporation (Nasdaq: MTAC) and Memic Innovative Surgery Ltd. have mutually agreed to terminate their business combination agreement due to market volatility. This decision, effective immediately, reflects the challenges posed by recent global events. Despite the termination, both companies express optimism, with Memic highlighting the successful adoption of its Hominis system by leading U.S. hospitals, aimed at advancing surgical practices in women's health and general surgery.

Positive

• Memic's Hominis system has been adopted by three leading U.S. hospitals.
• The technology addresses significant unmet needs in women's health.
• Potential applications of the Hominis system may expand to general surgery.

Negative

• Termination of the business combination can impact investor confidence.
• Market volatility has influenced the decision-making process, suggesting uncertainty.

TEL AVIV, Israel and FORT LAUDERDALE, Fla., March 10, 2022 (GLOBE NEWSWIRE) -- MedTech Acquisition Corporation (Nasdaq: MTAC) (“MedTech”), a publicly traded special purpose acquisition company (SPAC) focused on medical technology, and Memic Innovative Surgery Ltd. (“Memic”), a medical device company dedicated to transforming surgery with its proprietary surgical robotic technology, today announced that both companies have mutually agreed to terminate, effective immediately, their previously announced business combination agreement dated August 12, 2021 due to market conditions and associated volatility as a result of recent world events.

“While we are disappointed that our proposed business combination with Memic will not be consummated, we believe that Memic’s Hominis system and its innovative technology, as well as Memic’s highly accomplished management team, will position Memic for future success,” said Chris Dewey, Chief Executive Officer of MedTech.

“With the recent adoption of our Hominis system by three leading U.S. hospitals, we are excited about the ability of the Hominis system to perform robotic transvaginal techniques that were previously unfeasible, fulfilling a significant unmet need in women’s health, with the potential to be applied to a broad range of indications in the future including general surgery. We are grateful for the support we have received from the MedTech team, whose commitment to surgical robotics we share,” said Dvir Cohen, co-founder and Chief Executive Officer of Memic.

About Memic
Memic, founded in 2013 and based in Tel Aviv, Israel with a wholly owned subsidiary based in Fort Lauderdale, Florida, is a medical device company dedicated to transforming surgery with its proprietary surgical robotic technology. For more information, visit: https://memicmed.com/.

About MedTech Acquisition Corporation
MedTech Acquisition Corporation (Nasdaq: MTAC) is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. MedTech has stated a focus on the medical technology industry in the United States and other developed countries.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events, performance, or trends or that are not statements of historical matters. These forward-looking statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Memic’s and MedTech’s management, are not predictions of actual performance, and are subject to risks and uncertainties. Actual events and results could differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Memic’s and MedTech’s expectations, plans and views as of the date they are made. Memic and MedTech anticipate that subsequent events and developments will cause Memic’s and MedTech’s assessments to change. Memic and MedTech specifically disclaim any obligation to update any forward-looking statements as a result of new information, future events, or otherwise, unless expressly as required by applicable law.

Media Contact:
Lynn Granito
Berry & Company Public Relations
lgranito@berrypr.com
973-818-3732

Investor Contact:
Greg Chodaczek
Gilmartin Group
greg@gilmartinir.com
347-620-7010

FAQ

What led to the termination of the MTAC and Memic business combination?

The termination was due to market conditions and associated volatility resulting from recent world events.

What is the current status of Memic's Hominis system?

The Hominis system has been successfully adopted by three leading U.S. hospitals, showing promise in robotic surgery.

How does the termination of the agreement affect MedTech's future plans?

The termination may necessitate a reevaluation of MedTech's strategic direction and potential future acquisitions.

What was the date of the business combination agreement between MTAC and Memic?

The business combination agreement was dated August 12, 2021.

What are the implications of the market conditions mentioned in the press release?

The market conditions are indicative of volatility that may affect future investment opportunities and mergers in the medical technology sector.