One Nuvectra share is due to be distributed to Greatbatch shareholders March 14, for every 3 GB shares, the Frisco, Texas-based company said.
“This announcement marks an important milestone in Greatbatch’s strategy of developing complete active implantable medical device systems for our customers,” president & CEO Thomas Hook said in prepared remarks. “This spin-off reaffirms Greatbatch’s commitment to ensuring its strategic priorities remain aligned with stockholders’ best interests while continuing to create enhanced value for customers, healthcare providers and other key stakeholders.”
Nuvectra shares are slated to be traded on the NASDAQ exchange under the “NVTR” symbol, the company said.
Piper Jaffray is Greatbatch’s financial advisor on the deal, with Hodgson Russ as legal counsel.