Merger DEH.U

Vicarious Surgical goes public through merger with D8 Holdings


D8 Holdings (NYSE: DEH) and Vicarious Surgical Inc., a next-generation robotics technology company seeking to improve both cost and efficiency of surgical procedures as well as patient outcomes announced the signing of a definitive agreement for a business combination that will result in Vicarious Surgical becoming a public company.

The transaction values the combined company at an enterprise value of approximately $1.1 billion and implies approximately 3.1x 2025 estimated revenue of $355 million.

The transaction is expected to provide more than $425 million in cash on the balance sheet after closing including a fully committed $115 million PIPE, priced at $10.00 per share.

The PIPE is from institutional investors including BD (Becton, Dickinson, and Company) (NYSE: BDX) - one of the largest global medical technology companies in the world, Bill Gates, Khosla Ventures Innovation Endeavours, and E15 VC.

Assuming no redemption, and based on current assumptions regarding the financial condition of Vicarious Surgical as of the closing of the transaction current Vicarious Surgical Inc. equity holders will own approximately 64.7%; DEH's equity holders will own approximately 22.3%; Sponsor will own approximately 5.6%; PIPE investors will own approximately 7.4%

On closing, the combined company will operate as Vicarious Surgical Inc. and will be listed on NYSE under the new ticker symbol "RBOT”.

The transaction is expected to close in the third quarter of 2021.

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