Brain Scientific Inc.(OTCQB: BRSF) and Piezo Motion Corp., a leading innovator of high-precision motion technology, have closed their previously announced merger agreement.
Upon the closing of the merger on Oct. 1, 2021, Hassan Kotob became the Chairman and CEO of the combined company. Prior to Piezo Motion Corp., Kotob founded North Plains Systems Corp., where he also served as Chairman and CEO and later led a successful exit of the company to private equity. Prior to North Plains, Kotob was President and CEO of Medasys, Inc., which under his leadership, grew from a small privately held developer of medical imaging software to a publicly traded global organization.
“We are very excited about this transformative transaction. The trends in teleneurology and personalized health data, which we believe Brain Scientific’s products are ideal for, continue to fuel growth in the EEG market. We further believe that the growing needs in robotic surgery and wearable drug dispensers will drive demand for Piezo Motion’s solutions. With this merger we hope to unlock many new opportunities to meet the evolving needs of patients.” – Hassan Kotob, Chairman and CEO of Piezo Motion.
Kotob further added – “From the capital market standpoint, we expect the merger between our companies will unlock the potential to gain access to major institutional capital and serve as an ideal platform for the company’s transition to NASDAQ or NYSE.”
The merger brought together two teams of leading executives, scientists, and engineers to solve specific challenges using machine learning in the physical and social science markets. This is expected to result in the expansion of the combined company’s overall market reach and its ability to introduce new disruptive products.
“We’re happy to have closed this process and are looking forward to working with the Piezo team. We believe our combined solutions will be excellent examples of technology that will move the industry forward and drive our expansion. Together, we expect to develop a new generation of MedTech products focused on neurology and brain monitoring that will improve the lives of millions of patients.” – Founder of Brain Scientific, Dr. Boris Goldstein added.
Brain Scientific acquired 100% of Piezo Motion’s outstanding shares. Piezo Motion’s shareholders received as consideration a number of shares of Brain Scientific’s common stock that equaled 100% of Brain Scientific’s common stock on an as-converted, fully diluted basis immediately prior to the closing. Together, they raised the previously agreed upon capital of $5 million, inclusive of bridge financing since the signing of the merger agreement.
