TranS1 Acquires Baxano for $23,600,000
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Feed Type
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Link
http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=952ae1d4-5b81-4779-bb3d-7589dba89c3d&Preview=1 -
Date
3/5/2013 -
Company Name
Baxano -
Mailing Address
655 River Oaks Parkway San Jose, CA 95134 -
Company Description
The company is developing tools to restore spine function and preserve healthy tissue. -
Website
http://www.baxano.com -
Transaction Type
M&A -
Transaction Amount
$23,600,000 -
Transaction Round
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Proceeds Purposes
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M&A Terms
Under the terms of the merger agreement (the “Merger Agreement”), TranS1 Inc. (“TranS1? or “the Company”) will issue approximately 10.4 million shares of TranS1 Common Stock and pay $550,000 of cash (approximately $23.6 million of value based on the March 1, 2013 closing price) to acquire Baxano, Inc. (“Baxano”) (the “Merger Transaction”). The Company will also refinance $3.0 million of existing debt of Baxano in the transaction at closing. On a pro forma basis, prior to the financing transaction discussed below, current TranS1 shareholders will own approximately 72.4% of the combined company and approximately 27.6% will be owned by current Baxano shareholders. The final number of shares will be subject to certain adjustments at closing.
