The terms of the agreement state that the acquisition price will be paid in two tranches. TransEnterix paid $5.8 million to MST and in return received 3.15 million shares of the company’s common stock. One year after the closing date, TransEnterix has agreed to pay an additional $6.6 million, which will be payable in cash, stock or cash and stock.
TransEnterix and MST have also entered a Lock-Up Agreement that restricts MST from transferring the Securities Consideration for up to 18 months after the closing date. A Registration Rights Agreement also states that TransEnterix committed to register the Securities Consideration for resale once the lock-up period is over.
TransEnterix announced on Sept. 23 that it agreed to acquire Medical Surgery Technologies and its surgery planning technology.