SPAC MedTech Acquisition down after scrapping $1 bln merger deal

TriSalus Life Sciences

10/03/2022 14:24

** Blank-check firm's  MTAC.O  shares down 2.10% at $9.80
premarket 
    ** MTAC and Memic Innovative Surgery Ltd say they are
mutually terminating their merger deal announced in August 2021
 urn:newsml:reuters.com:*:nGNXbxG9Np
    ** Deal valued the combined company at more than $1 bln
 urn:newsml:reuters.com:*:nL4N2PK3D9 
    ** Companies say the deal was scrapped due to "market
conditions and associated volatility as a result of recent world
events" 
    ** Blank-check firms, or SPACs, are publicly listed shell
companies that raise funds to merge with private companies,
thereby taking them public 
    ** The De-SPAC index  .DESPACTR , which tracks the
performance of 25 firms that debuted after a merger, is down
32.72% YTD, as of last close 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))