Brain Scientific (OTCQB: BRSF)
- BRSF is about to enter into a merger agreement to acquire Piezo Motion, a leading piezo motor technology developer
- Piezo Motion’s technology will be deployed to leverage massive amounts of data that can be analyzed by artificial intelligence to assist medical professionals and researchers in recommending adequate precision treatments
- Merger expected to expand markets for both companies and their potential to deliver innovative technologies to high-growth segments
, a neurology-focused medical device and software company, has announced that it has entered into a definitive merger agreement to acquire Piezo Motion Corp., a leading innovator of high-precision piezoelectric motion technology (https://ibn.fm/WBhls
). By combining aspects of physical and social sciences with machine learning, the two companies seek to better understand and address emerging commercial demands in the market. Once completed, the merger is expected to expand the market footprint both for Brain Scientific and Piezo Motion and their potential to deliver innovative technologies to high-growth markets.
The two companies leverage teams of scientists, engineers, and executives with a track record of developing and commercializing disruptive technologies. Brain Scientific’s two FDA-cleared products and commercialized devices, NeuroCap(TM) and NeuroEEG(TM) are designed to disrupt the current electroencephalogram (“EEG”) market by providing cost-effective and disposable alternatives to existing solutions, allowing medical professionals to collect diagnostic information quickly.
Piezo Motion is a leading developer of affordable piezoelectric motors and innovative piezoelectric polymer actuators and electrode components with applications in medical devices, industrial equipment, and the aerospace industry (https://ibn.fm/o0XmE
). The company offers a portfolio of precision motion solutions that allow original equipment manufacturers (“OEM”) to develop energy-efficient precision products. These solutions can be deployed across various applications, including wearable drug delivery, surgical robotics, and other industrial precision applications in high-growth markets such as autonomous vehicles and aerospace.
“We are excited for the future that the merger with Piezo Motion is expected to bring. Together, we plan to achieve rapid expansion while delivering and developing the new generation of MedTech solutions for the brain diagnostics market, including innovative products for long-term monitoring and brain e-tattoo. This combination offers a significant opportunity to be part of a company well-positioned for growth. We look forward to uniting with Piezo Motion in what we expect will be an exciting new chapter ahead.”, said Dr. Baruch Goldstein, Founder of Brain Scientific.
CEO of Piezo Motion, Hassan Kotob, appears equally enthusiastic about the transaction and the impact it is expected to have on the two companies. “Brain Scientific and Piezo Motion come together with breakthrough proprietary technologies addressing fast-growing multi-billion-dollar markets in medical technology, pharmaceutical research, industrial automation, biotechnology, and more.”, he stated.
The transaction is expected to close in July 2021 and is subject to regular closing conditions, including the two company’s shareholders’ approval and the successful consummation of a minimum $5 million capital raise. Brain Scientific will acquire 100% of Piezo Motion’s outstanding shares and its assets and liabilities. Piezo Motion’s shareholders will receive a number of shares of Brain Scientific’s common stock equal to 100% of its outstanding shares immediately before closing on a fully diluted, as-converted basis. Directors of Brain Scientific, Boris Goldstein, and Nickolay Kukekov are expected to remain on the Board, with three new additions from Piezo Motion. Hassan Kotob, current CEO of Piezo Motion, will take the role of Chairman and CEO of the combined company, which will initially have offices in New York, Silicon Valley, Florida, and Europe.
For more information, visit the company’s website at www.BrainScientific.com/Invest-Now
NOTE TO INVESTORS
: The latest news and updates relating to BRSF are available in the company’s newsroom at https://ibn.fm/BRSF
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