SINGAPORE (Apr 2): Start-up incubator Trendlines Group announced Thursday that portfolio company ApiFix has been acquired by Nasdaq-listed OrthoPediatrics Corp.
At the close of the deal, Trendlines holds an 18.6% stake in ApiFix, which focuses on non-fusion treatment of idiopathic scoliosis, particularly among adolescents.
Trendlines’ ApiFix holdings will be converted into cash, short- and long-term receivables as well as short- and long-term investments, for FY2020 ending Dec 31.
It will also be backdated to lift earnings per share and net asset value for FY19 ended Dec 31, 2019.
Meanwhile, ApiFix’s shareholders will receive 934, 783 new common shares of OrthoPediatrics and US$2 million at closing.
They will also receive guaranteed milestone payments in the form of cash and OrthoPediatrics shares, as well as an earnout over a period of four years.
“We are especially pleased to make this announcement in the time of Covid-19 – and worldwide uncertainty, demonstrating our unwavering commitment to growing shareholder value through creating and building companies to improve the human condition,” says Todd Dollinger, Trendlines’ chairman and CEO.
As at 3.05pm, shares at Trendlines were up 20.5% at 8.8 cents.
