Non-Invasive Monitoring Systems, Inc. announced the execution of a definitive merger agreement with Gravitics, Inc., a designer and manufacturer of large space structures, including orbital carriers, cargo spacecraft, and space station modules.
Upon completion of the transaction, Gravitics will become a wholly owned subsidiary of Non-Invasive Monitoring Systems, Inc., with Gravitics’ stockholders expected to own at least 95.5% of the post-merger equity. The combined company will adopt Gravitics’ business operations.
In connection with the transaction, the parties intend to pursue a $40.0 million underwritten public offering and an uplisting to a national securities exchange, alongside a reverse stock split, corporate name and ticker symbol change, and the conversion or repayment of approximately $800,000 of existing debt.
Lucosky Brookman LLP served as legal counsel to Gravitics, Inc. in connection with the transaction.
