Altitude Acquisition in a regulatory filing included an investor presentation highlighting its proposed merger with Picard Medical and unit SynCardia Systems. At announcement in April the deal had a pre-money enterprise value of $480 million. SynCardia is engaged in mechanical heart replacement technology.
If approved, upon closing Picard Medical Holdings would list on the Nasdaq.
Terms call for the combined company to have at least $38 million in net cash at closing. Existing Picard Medical equity holders are rolling 100% of their equity into the merged enterprise.
SynCardia said it manufactures, sells, and markets the world's “first and only” FDA approved and commercially available Total Artificial Heart to replace the full functions of a failing or failed human heart caused by end-stage, biventricular heart failure. Read more.