Aurora Technology Acquisition Corp, a publicly traded special purpose acquisition company, and DIH Technology Ltd (DIH), a leading global robotics and virtual reality (VR) technology provider in the rehabilitation and human performance industry, announce the signing of a non-binding Letter of Intent (LOI) for a potential business combination.
Under the terms of the LOI, ATAK and DIH would become a combined entity, with DIH’s shareholders rolling 100% of their equity into the combined public company. ATAK and DIH expect to announce additional details regarding the business combination when a definitive agreement is executed, which is expected before January 31, 2023.
As a global leader in the development and marketing of robotics for rehabilitation and virtual reality-based advanced movement platform for human performance, DIH owns industry-leading brands like HOCOMA and Motek, with more than 4,500 robots and advanced VR-based movement systems installed in 70 countries. DIH’s principal customers include advanced research centers, innovative rehabilitation hospitals, and top healthcare clinics.
“We are very impressed by both the entrepreneurial spirit driving ATAK’s management team as well as its diverse and well-respected board members and advisors. We believe the combination with ATAK will facilitate our launch as a public company with strong corporate governance, expand our capital market expertise, and enhance our strategic investment capabilities, including M&A. These all are critical to DIH’s growth strategy as a transformative and innovative total solution provider and consolidator in the highly fragmented rehabilitation technology industry.” said Jason Chen, CEO and Chairman of DIH’s board of directors.
Zachary Wang, CEO and Chairman of ATAK’s board of directors, commented, “DIH fits our acquisition target profile well as a multi-national smart technology provider in the human rehabilitation and performance industry. Founded by Asian-American entrepreneurs with over 20 years of experience managing global healthcare operations, the company has a strong tenured management team. We see DIH as an exciting opportunity for growth, with its proprietary technology, scalable business model, and experienced leadership team positioning it to expand its global market share and continue to drive innovations that lead the industry in benefiting patients. We believe that the merger and access to public markets will enable the company to continue to scale its global platform and deliver on its growth potential.”
[Source(s): Aurora Technology Acquisition Corp, DIH Technology Ltd; PR Newswire]