Avertix and BIOS Dissolve SPAC Merger Deal

Avertix Medical and special purpose acquisition company (SPAC) BIOS Acquisition Corp. announced that they’ve mutually agreed to terminate their business combination agreement, which began on May 2, 2023 and was first revealed two months later.
 
Avertix is the maker of the Guardian system, a U.S. Food and Drug Administration (FDA)-approved, Class III implant that can spot silent and atypical, symptomatic heart attacks, in real-time. The company touts an extensive portfolio of U.S. patents that cover acute coronary syndrome (ACS) events.
 
“While we were enthusiastic about the potential business combination with BIOS, we mutually agreed that the current market conditions are not conducive to completing the transaction on terms acceptable to both BIOS and Avertix stakeholders,” Avertix’s CEO Tim Moran commented to the press.
 
BIOS said in an October 4 Form 8-K filing that it was “…unable to consummate an initial business combination within the time period in accordance with the provisions of its Amended and Restated Memorandum and Articles of Association, as amended (the “Charter”) and BIOS intends to dissolve and liquidate in accordance with the provisions of its Charter.”
 
In the filing, BIOS also stated it expects to redeem all public shares at about $10.79 a share in a week and a half. The now defunct, proposed SPAC merger company would have been worth $195 million, Avertix said.
 
Avertix CEO Moran went on to say the company “…will continue business as usual, focusing on our core mission of empowering providers with Guardian, the world’s first and only heart attack warning system approved by the FDA. We will likewise continue to monitor the financial markets for opportunities to access additional capital to fund our accelerating growth.”
 

Other Recent Bygone SPAC Mergers 

• February 2022: HeartFlow and Longview, terminated over result of current unfavorable market conditions. Expected company value: $2.4 billion
• March 2022: Memic Innovative Surgery (now Momentis Surgical) and MedTech Acquisition Corp. terminated over market conditions and volatility resulting from (then) recent world events. Expected company value: >$1 billion
• April 2022: Accelus and CHP Merger Corp. terminated over market conditions. Expected company value: ~$482 million