Altitude Acquisition filed a preliminary proxy on its proposed combination with Picard Medical and subsidiary SynCardia Systems, which is engaged in mechanical heart replacement technology.
If approved, upon closing Picard Medical Holdings would list on the Nasdaq.
Based in Tucson, AZ, SynCardia develops, manufactures, and commercializes an FDA-approved temporary Total Artificial Heart, an implantable system designed to assume the full functions of a failing or failed human heart.
The $480 million deal with Altitude was announced in April. Terms call for the combined company to have at least $38 million in net cash at closing. Existing Picard Medical equity holders will roll 100% of their equity into the merged enterprise. Read more.