SYDNEY, AUSTRALIA: Hydrix Limited, an ASX-listed company, has announced that Angel Medical Systems, now renamed Avertix Medical, has entered into a definitive agreement to merge with BioPlus Acquisition Corp. The latter is a special purpose acquisition company listed on NASDAQ.
The combined entity will be called Avertix Medical and have an enterprise value of approximately $195 million. The merger is expected to be completed in the second half of 2023.
The Guardian, a product developed by Avertix Medical, is an important technology for managing high-risk coronary disease in patients who have survived one or more heart attacks.
Hydrix Medical has exclusive rights to distribute the Guardian in eight Asia Pacific countries, and the terms of that agreement will not be impacted by the merger.
Hydrix Ventures currently owns 1 million shares of AngelMed. After the merger, Hydrix and other existing Avertix shareholders will together own approximately 29% of the combined entity if there are no redemptions by BIOS public shareholders of cash held.
Upon completion of the merger and subject to Securities Exchange Commission regulatory filings and other customary terms and conditions for transactions of this nature, the merged entity will trade as Avertix Medical, Inc and be listed on NASDAQ.
Assuming no redemptions, and inclusive of ESOP top-up, BIOS’ shareholders are expected to own approximately 50% of the outstanding shares of the combined entity, with existing Avertix shareholders owning approximately 29%.
Hydrix Executive Chairman, Gavin Coote, praised the progress of Avertix Medical’s Executive Chairman Ross Haghighat and the entire team, calling this a “very exciting time in the Company’s history.” Hydrix is “extremely pleased” to be part of the Avertix journey as a product developer, investor, and exclusive distributor of the Guardian in the APAC region.
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