SANUWAVE Health Inc. has entered into a definitive merger agreement with SEP Acquisition Corp. Upon completion of the proposed transaction, the combined company is expected to operate under the SANUWAVE name and trade on the NASDAQ Capital Market under the symbol “SNWV”.
SANUWAVE Health is commercial stage medical device company. It has two FDA approved products and its lead product, UltraMIST®, has nationwide schedule 1 reimbursement from CMS. According to its FY 2022 financial report, SANUWAVE had FY 2022 revenues of $16.7 million.
SEP Acquisition Corp. is a Houston-based special purpose acquisition company (SPAC) affiliated with Sweat Equity Partners and Mercury Life Sciences.
Faegre Drinker Biddle & Reath LLP served as legal advisor to SANUWAVE. ValueScope Inc. and Baker, Donelson, Bearman, Caldwell & Berkowitz, PC served as financial and legal advisors, respectively, to SEP Acquisition Corp.
The proposed transaction values the combined company at an enterprise value of $127.5 million, or 7.6x its 2022 revenue. The transaction is anticipated to close in the fourth quarter of 2023.
According to data captured in the LevinPro HC database, this transaction marks the 73rd Medical Devices acquisition of 2023. This also marks the seventh SPAC deal announced in the Medical Devices sector this year.
