Ablation tech developer Adagio Medical to go public in SPAC deal

Arya Sciences Acquisition Corp IV agreed to a business combination with Adagio Medical, taking the cardiac ablation company public.

Upon the closing of the transaction, Adagio is set to become a subsidiary of Aja Holdco, still operating under its existing management team and under the name “Adagio Medical.” Arya expects to list the combined company’s common stock on the Nasdaq market under the “ADGM” ticker.

Arya, a special purpose acquisition corporation (SPAC), is the latest to try and take a medtech company public through this type of merger. SPAC mergers took the medtech industry by storm a few years ago but produced varying results in the years following. Read here about some of the outcomes of these planned acquisitions.

In this SPAC deal, investors committed to participate in the transaction in the form of $20 million in convertible debt. They also committed $22 million in equity financing. Investors include affiliate…

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