Medtronic Completes Second Tranche Equity Investment in Mazor Robotics (MZOR)
- Wall St. touches two-week high on deals, strong earnings
- Unusual 11 Mid-Day Movers 10/24: (UNIS) (MBVT) (ACCO) Higher; (TDW) (INO) (BCC) Lower
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- TD Ameritrade (AMTD) to Acquire Scottrade in $4B Cash & Stock Deal
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Mazor Robotics Ltd. (Nasdaq: MZOR) announced the completion of the second tranche of the equity investment by Medtronic pursuant to a previously executed agreement between the parties. The Company issued new securities representing 3.40% percent of Mazor's issued and outstanding share capital, on a fully diluted basis, at a price per ADS $21.84, which is equal to the volume weighted average price of the ADS’s for the trailing 20-day period ending on and including August 9, 2016, for an aggregate purchase price of $20 million. The triggering milestone for this second tranche investment was the July 12, 2016 unveiling by the Company of Mazor X, a transformative Surgical Assurance Platform to enhance predictability of spine surgeries for the benefit of patients and those who treat them..
“Since signing the agreements in May our two organizations have been working closely to ensure a successful partnership,” commented Ori Hadomi, Chief Executive Officer. “This investment by Medtronic reflects a key operating achievement - the unveiling of the Mazor X Surgical Assurance Platform – and in just a few short weeks we have received many inquiries from new surgeons, as well as interest from our existing Renaissance user base. The feedback is overwhelmingly positive and we plan to launch Mazor X at the NASS conference this October. I am confident it will advance and change the way spine surgery is performed.”
Following the completion of the second tranche investment, Medtronic has purchased a total of 1.96 million ADS’s, representing 7.27% of Mazor's issued and outstanding share capital, on a fully diluted basis, for a total of $31.9 million.
As of June 30, 2016, cash, cash equivalents and investments totaled $47.5 million. Following the completion of the second equity investment, the Company’s cash, cash equivalents and investments will total approximately $65 million and the fully diluted share count will be approximately 53.9 million.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: CIT Group (CIT) Hires Boston Consulting to Review Operations - DJ
- Vail Resorts (MTN) Names New Board Member
- Wells Fargo says head of capital finance to retire
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!