MedTech Acquisition Corporation (NASDAQ:MTAC) announced in an 8-K this morning that its shareholders approved its combination with drug developer TriSalus Life Sciences at a special meeting yesterday.
A further 890,499 shares were redeemed in the vote, which would reduce the SPAC’s trust by $9.4 million, leaving about $2.6 million remaining. These last shares were likely primarily those secured in a $2 million backstop that MedTech added to the deal last month.
It also attached $17.8 million to the deal via a convertible share investment at the same time, but this would still not cover the transaction’s $35 million minimum cash condition.
MedTech noted in the filing that it expects this and other closing conditions may be waived, after which the combined company’s shares and warrants would begin trading on the Nasdaq under the symbols “TLSI” and “TLSIW”.
MedTech initially announced its $234 million combination with TriSalus Life Sciences in November. Denver-based TriSalus is developing a range of cancer treatments that utilize the company’s approved and commercialized medical device
TriSalus plans to have Phase 1 efficacy data for a trial involving multiple doses of its SD-101 candidate in the second half of this year. In April, TriSalus presented clinical data from its Phase I trials using doses of varying size, which indicated positive results in reducing tumor growth in liver cancer patients.