Stereotaxis, Inc. (NYSEAM:STXS) entered into a definitive share purchase agreement to acquire Access Point Technologies, Inc. for $3 million on May 11, 2024. The transaction consideration includes an upfront payment and additional contingent payments based upon the achievement of key regulatory and commercial milestones. All consideration is payable in Stereotaxis common stock.

The Share Purchase Agreement requires APT to pay Stereotaxis a termination fee of $1.0 million in certain circumstances around a breach of such obligations and restrictions. The consummation of the acquisition is subject to certain customary closing conditions, including: the approval of the share purchase agreement by APT?s shareholders and the Seller completing certain debt restructuring such that APT will not have third-party loan indebtedness prior to the closing. The acquisition is subject to customary closing conditions and is expected to close in the third quarter of 2024.

The acquisition is expected to close by the end of the third quarter of 2024 subject to customary closing conditions.