Memic to go public in $1bn SPAC deal with MedTech

The companies said the transaction gives Memic a pro-forma equity value topping $1bn, with roughly $360m of cash on its balance sheet.

Memic’s Hominis platform is a surgical robot that features miniature humanoid-shaped arms, providing human-level dexterity and 360-degree articulation. The U.S. Food and Drug Administration earlier this year authorized marketing of the system to help facilitate transvaginal hysterectomy in certain patients.

MedTech and Memic said the combined company’s estimated cash balance will include MedTech’s $250m cash held in trust, $76m from a fundraising known as a private investment in public equity, or PIPE, and $63m from Memic’s current balance sheet.

Memic’s current investors would own roughly 61.6% of the company upon completion of the transaction, expected by the end of the year, while MedTech shareholders would own 24.7%. PIPE investors would hold 7.5% and MedTech’s sponsors would get the rest. Private Equity Insights