Accelus and CHP Merger Corp. Mutually Agree To Terminate Business Combination
April 15 2022 - 3:00PM
Integrity Implants Inc. d/b/a Accelus (“Accelus”), a privately held
medical technology company focused on accelerating the adoption of
minimally invasive surgery (MIS) as the standard of care in spine,
and CHP Merger Corp. (“CHP”) (Nasdaq: CHPM, CHPMU and CHPMW), a
special purpose acquisition company (SPAC), announced today that
the companies have mutually agreed to terminate, effective
immediately, the previously announced business combination
agreement dated November 14, 2021 as a result of market conditions.
“In light of market conditions, we believe that
this strategic pivot will best enable our team to execute on our
mission to transform the spine surgery space by accelerating the
adoption of MIS as the standard of care,” said Chris Walsh, CEO and
Co-Founder of Accelus. “We continue to see accelerating demand for
our highly differentiated product portfolio, and for
robotic-enabled minimally invasive techniques specifically, both in
hospitals and ASCs. As we look ahead, I am confident that our team
is more focused than ever on addressing critical constraints
related to cost and efficiency and on fulfilling a significant
unmet need. We are grateful for the support we have received from
the CHP team and their enduring commitment to advancing MIS spine
surgery.”
“Accelus has developed a revolutionary portfolio
of MIS implant solutions and robotic targeting and navigation
technology that delivers an extremely compelling value proposition
with improved quality and outcomes at a significantly lower overall
cost of care. With a strong and capable management team and great
commercial momentum, Accelus is well-positioned to be the market
leader in MIS. We look forward to finding other opportunities to
collaborate and support Accelus in the future,” said Joseph
Swedish, Chairman of CHP.
Pursuant to CHP’s amended and restated
certificate of incorporation, CHP has determined to liquidate and
distribute to the holders of common stock issued in its initial
public offering that have not previously redeemed their shares
their pro-rata portion of the funds held in the trust account
established for the benefit of such stockholders, which will be an
amount equal to the aggregate amount on deposit in the trust
account, including any amounts representing interest earned on the
trust account then held therein, less any interest to be released
to CHP to pay its franchise and income taxes (less up to $100,000
of such net interest to pay dissolution expenses). CHP will effect
such liquidation and distribution on April 25, 2022. As provided
for in CHP’s Current Report on Form 8-K, filed with the United
States Securities and Exchange Commission on November 22, 2021, CHP
will not fund a monthly contribution into the trust account on
April 26, 2022.
About Accelus
Accelus is a medical technology company
dedicated to advancing spinal surgery treatment options by
developing and commercializing an ecosystem of enabling
technologies, including a proprietary surgical robotic targeting
and navigation platform and differentiated implant systems. Accelus
offers an innovative portfolio of implants, instruments, biologics
and technologies that address the clinical challenges associated
with spine surgery, with a focus on minimally invasive surgery
(“MIS”) techniques and solutions. Their first-of-its-kind FlareHawk
Interbody Fusion System (“FlareHawk”) features proprietary
multidirectional expansion technology, designed for minimal
disruption to the patient’s anatomy during insertion and natural
load distribution and support. They also offer a revolutionary
Robotic-Enabled Minimally Invasive (“Remi”) robotic targeting and
navigation platform which provides an efficient and economically
accessible solution to a broad array of spine surgeons. The novel
portfolio of implants and instruments, paired with the
revolutionary robotic targeting and navigation platform, is
designed to address the limitations associated with MIS procedures
while providing broader access to enabling technologies for
alternative facilities, such as ambulatory surgery centers
(“ASCs”).
Forward-Looking StatementsThis
press release contains certain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements may be identified by the use of the words such as “may,”
“will”, “would”, “could”, “expect”, “believe”, “plan”,
“anticipate”, “intend”, “estimate”, “continue”, or the negative or
comparable terminology, as well as terms usually used in the future
and conditional, are intended to identify forward-looking
statements. These forward-looking statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of Accelus’ and CHP’s management, are
not predictions of actual performance, and are subject to risks and
uncertainties. Actual events and results could differ materially
from those contained in the forward-looking statements. In
addition, forward-looking statements reflect Accelus’ and CHP’s
expectations, plans and views as of the date they are made. Accelus
and CHP anticipate that subsequent events and developments will
cause Accelus’ and CHP’s assessments to change. Accelus and CHP
specifically disclaim any obligation to update any forward-looking
statements as a result of new information, future events, or
otherwise, unless expressly as required by applicable law.
Contacts
CHP ContactASC Advisors Steve
Bruce / Taylor Ingraham sbruce@ascadvisors.com /
tingraham@ascadvisors.com 203-992-1230
Accelus Contact:Gilmartin Group
Brian Johnstonir@accelusinc.com
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