Avertix Medical and BIOS Acquisition Corporation announced that the companies have entered into a definitive merger agreement for a business combination that would result in Avertix becoming a publicly traded company on Nasdaq. The Transaction is expected to close in the second half of 2023. The combined company, which will be named Avertix Medical, Inc., will have an enterprise value of approximately $195 million, and the common stock of the combined company is expected to be listed on Nasdaq under the ticker symbol "AVRT." Avertix is a medical technology company commercializing an implantable device for cardiovascular disease management. The Guardian System is the first and only FDA-approved Class III implantable device designed to detect heart attacks in real-time, including silent and atypical symptomatic heart attacks, providing life-saving alerts to patients and healthcare professionals. Avertix’s ALERTS clinical trial showed the Guardian System enables heart attack patients to seek urgent medical attention earlier than patients who relied only on symptoms. The Transaction is expected to provide Avertix access to the necessary financial resources to expand commercially and to continue improving and developing its innovative product, equipping both patients and healthcare providers with lifesaving tools that aim to provide peace of mind. Upon the closing of the Transaction and assuming no redemptions by BIOS’ public shareholders, Avertix plans to retain up to approximately $239 million of cash held in the Trust Account on its balance sheet, which would provide financial flexibility and facilitate internal and external growth opportunities. After the closing of the Transaction, and assuming no redemptions, and inclusive of ESOP top up, BIOS’ public shareholders are expected to own approximately 50% of the outstanding shares of the combined company, with existing Avertix shareholders owning approximately 29%. The Transaction has been approved by the boards of directors of Avertix and BIOS, and its completion is subject to customary closing conditions, including the approval of BIOS’ shareholders and the satisfaction or waiver of a $40 million minimum cash condition. The Transaction is expected to close during the second half of 2023.
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