Brief: Pixium Vision, Second Sight Medical Products Announce Business Combination

Pixium Vision SA

06/01/2021 05:09

Jan 6 (Reuters) - Pixium Vision Sa  ALPIX.PA :
    * REG-PIXIUM VISION AND SECOND SIGHT MEDICAL PRODUCTS
ANNOUNCE
BUSINESS COMBINATION, CREATING A GLOBAL LEADER IN THE SIGHT
RESTORATION MARKET
    * PIXIUM VISION TO REMAIN LISTED ON EURONEXT GROWTH AND TO
BE
LARGEST SHAREHOLDER OF NEW COMBINED COMPANY LISTED ON NASDAQ
    * COMBINED COMPANY TO TRADE ON NASDAQ AND BENEFIT FROM
BUSINESS
AND DEVELOPMENT SYNERGIES IN U.S. AND EUROPE
    * TRANSACTION EXPECTED TO CLOSE IN LATE Q1 OR BEGINNING OF
Q2 2021
    * NEW COMBINED COMPANY WILL OWN 40% OF NEW SUBSIDIARY AND
WILL
ALSO HAVE A FIRST OPTION TO EXCLUSIVE GLOBAL MARKETING RIGHTS
FOR ORION
    * PIXIUM VISION -  ENTERED INTO AGREEMENT  TO BECOME
CONTROLLING
SHAREHOLDER OF NEW COMBINED CO, OWNING 60% OF TOTAL EQUITY
BEFORE CAPITAL RAISE
    * AS PART OF TRANSACTION, A NEW SUBSIDIARY WILL BE CREATED
TO
FOCUS ON CORTICAL STIMULATION THROUGH ORION
    * PIXIUM VISION WOULD BECOME A HOLDING COMPANY AND WOULD BE
COMBINED COMPANY'S LARGEST SHAREHOLDER
    * PIXIUM VISION CEO, LLOYD DIAMOND, WILL SERVE AS EXECUTIVE
CHAIRMAN AND CEO OF COMBINED COMPANY
    * NEW COMBINED CO WILL OWN 40% OF NEW SUBSIDIARY AND WILL
ALSO
HAVE A FIRST OPTION TO EXCLUSIVE GLOBAL MARKETING RIGHTS FOR
ORION
    * APPROXIMATELY $25 MILLION WILL BE RAISED IN A PRIVATE
PLACEMENT
AT LEVEL OF NEW COMBINED COMPANY
    * PIXIUM VISION  - SECOND SIGHT WILL TRANSFER ITS ORION
ASSETS TO
ITS NEW SUBSIDIARY, OF WHICH 60% OF SHARES WOULD BE SPUN OFF TO
ITS SHAREHOLDERS
    * LLOYD DIAMOND WILL ALSO REMAIN GENERAL DIRECTOR OF PIXIUM
VISION
AND MATT PFEFFER WILL BE CEO OF NEW SUBSIDIARY

Source text for Eikon:  ID:nGNE9k0Kx5 
Further company coverage:  ALPIX.PA 

 ((Reuters.Briefs@thomsonreuters.com;))