Merger LMAOU

SeaStar Medical to Become Publicly Listed on Nasdaq via Business Combination with LMF Acquisition Opportunities, Inc.

, SPAC Research

SeaStar Medical, Inc. (“SeaStar Medical”), a medical technology company developing extracorporeal therapies to reduce the consequences of excessive inflammation on vital organs, and LMF Acquisition Opportunities, Inc. (Nasdaq: LMAO) (“LMAO”), a publicly traded special purpose acquisition company, today announced they have entered into a merger agreement. The transaction is expected to provide SeaStar Medical with access to the capital markets and thereby position the company to accelerate the development and advancement of its lead programs for acute kidney injury (AKI) in both pediatric and adult patients, as well as advance other SeaStar Medical programs in acute and chronic indications.

Denver-based SeaStar Medical is a privately-held medical technology company that is focusing on redefining how extracorporeal therapies may reduce the consequences of excessive inflammation on vital organs. SeaStar Medical’s novel technologies rely on science and innovation to provide life-saving solutions to critically-ill patients. It is developing and commercializing extracorporeal therapies that target the effector cells that drive systemic inflammation, causing direct tissue damage and secreting a range of pro-inflammatory cytokines that initiate and propagate imbalanced immune responses.

The combined company will be known as SeaStar Medical Holding Corporation and will operate under the same management team as SeaStar Medical, which is led by Mr. Schlorff.  The transaction contemplates an enterprise value of approximately $85 million for SeaStar Medical.  As part of the transaction, all SeaStar Medical shares owned by SeaStar Medical’s existing equity holders will be converted into Class A Common Stock of SeaStar Medical Holding Corporation. The Dow Chemical Company Pension Plans, as existing investors of SeaStar Medical, are committed to further participate in the transaction through a PIPE investment that is expected to close at the time of the completion of the business combination.

The transaction has been unanimously approved by both Boards of Directors of SeaStar Medical and LMAO and is subject to approval by stockholders of LMAO and other customary closing conditions. The holders of a majority of the SeaStar Medical voting power have approved the merger. The proposed business combination is expected to be completed in the third quarter of 2022.

Maxim Group LLC served as sole financial advisor to SeaStar Medical in connection with the proposed business combination. Skyway Capital Markets LLC served as sole financial and valuation advisor to LMAO in connection with the proposed business combination.  

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