Under the terms of the LOI, DIH’s shareholders will roll 100% of their equity into the combined public company. The parties have not yet released details on the transaction, but expect to announce further information when a definitive agreement is executed, which is expected to occur before January 31, 2023.
Beijing, China-based DIH develops robotics for rehabilitation and virtual reality for human performance. The company owns technology brands such as HOCOMA and Motek, with more than 4,500 robots and advanced VR-based movement systems installed in 70 countries. DIH’s principal customers include research centers, innovative rehabilitation hospitals, and healthcare clinics.
“We believe the combination with ATAK will facilitate our launch as a public company with strong corporate governance, expand our capital market expertise, and enhance our strategic investment capabilities, including M&A,” Jason Chen, CEO and Chairman of DIH’s board of directors noted in today’s press release.
Aurora Technology announced the pricing of its $200 million IPO in February 2022 and set out to combine with a high-growth technology company based in North America or Asia. The SPAC prioritized target companies founded by Asian or Asian-American entrepreneurs who are building a global enterprise focused on artificial intelligence, blockchain, quantum computing, and electric vehicles. Aurora Technology is led by CEO and Chairman Zachary Wang, COO and Co-Vice Chairwoman Cathryn Chen, and CFO and Co-Vice Chairman Yida Gao.
The SPAC has a completion deadline of February 9, 2023, but has the ability to extend two times by an additional three months each by depositing $0.10/share in its trust account for each extension.
Since Aurora Technology’s deal is not at the “definitive agreement” stage and is still just a non-binding LOI, SPACInsider will not consider this deal fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.