Catheter Precision, Inc. (VTAK): M&A transaction — Ra Medical completes Catheter Precision acquisition; target reveals $25.5M debt, going concern doubt

Catheter Precision, Inc.

Catheter Precision had $139,631 cash, $25.5M convertible notes, and $13.3M accrued interest as of Sep 30, 2022.
Net loss of $4.46M for 9 months ended Sep 30, 2022, vs $3.57M prior year; accumulated deficit $115.9M.
Stockholders' deficit of $40.8M and negative working capital of $40.9M; substantial doubt about going concern.
All Series A-D preferred stock converted into 8.65M common shares upon merger close.
Post-merger, Ra Medical intends to raise capital through public/private financings to fund operations.

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Catheter Precision, Inc. completed an acquisition involving Catheter Precision, Inc. (closed 2023-01-09).

Action: acquisition
Counterparty: Catheter Precision, Inc.
Closing: 2023-01-09

Exact text from the filing

On January 9, 2023, Ra Medical Systems, Inc., a Delaware corporation (the “Company” or “Ra Medical”), completed its acquisition (the “Merger”) of Catheter Precision, Inc., a privately-held Delaware corporation (“Catheter”), pursuant to an Amended and Restated Agreement and Plan of Merger, as reported in the Company’s Current Report on Form 8-K filed with the SEC on January 13, 2023.

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Catheter Precision, Inc. filing history →

Source: SEC EDGAR

accession 0001564590-23-000558

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