Israeli surgical robotics company Momentis, formerly Memic, is laying off 60% of its employees. Following the layoffs, only 50 employees will remain at the company, which until recently had 120 employees. Around 40 of the remaining employees are based in Israel, with the rest headquartered in the U.S., CTECH reports.
MedTech Acquisition in March 2022 called off its $1B merger agreement with the company, citing poor market conditions. The transaction terms had called for Memic, as the company was known at the time, to receive MedTech's $250 million cash held in trust and a $76 million pipe. Read more.
Source: Momentis Lays Off 60% of Workforce a Year After B SPAC Deal Collapse