$TLSI
TriSalus Life Sciences, Inc.

2021 Q4 Form 10-K Financial Statement

#000141057822000252 Filed on March 03, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.142M $3.041M
YoY Change 2664.28%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.142M $3.041M
YoY Change 2664.28%
Operating Profit -$3.041M
YoY Change
Interest Expense $7.920K $64.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $4.029M $7.808M
YoY Change -1388.04%
Pretax Income $2.896M $4.767M
YoY Change -4433.89%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $2.896M $4.767M
YoY Change -4433.89%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $92.66K $152.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.9K $200.9K
YoY Change -84.55%
Cash & Equivalents $200.9K $1.335M
Short-Term Investments
Other Short-Term Assets $325.0K $325.0K
YoY Change -53.57%
Inventory
Prepaid Expenses $325.0K $673.2K
Receivables
Other Receivables
Total Short-Term Assets $525.9K $525.9K $2.008M
YoY Change -73.81% -73.71%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $250.0M $250.0M
YoY Change 0.0%
Total Long-Term Assets $250.0M $250.0M $250.0M
YoY Change 0.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $525.9K $525.9K $2.008M
Total Long-Term Assets $250.0M $250.0M $250.0M
Total Assets $250.5M $250.5M $252.0M
YoY Change -0.59% -0.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.058M $1.058M
YoY Change
Accrued Expenses $103.2K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.602M $1.602M
YoY Change 1501.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.65M $15.65M
YoY Change 77.83%
Total Long-Term Liabilities $15.65M $15.65M
YoY Change 77.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.602M $1.602M
Total Long-Term Liabilities $15.65M $15.65M
Total Liabilities $17.25M $17.25M $23.50M
YoY Change -26.58% 93.82%
SHAREHOLDERS EQUITY
Retained Earnings -$16.72M -$21.49M
YoY Change -22.19%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.72M $233.3M -$21.48M
YoY Change
Total Liabilities & Shareholders Equity $250.5M $250.5M $252.0M
YoY Change -0.59% -0.58%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $2.896M $4.767M
YoY Change -4433.89%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$680.9K -$1.738M
YoY Change 155.61%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $60.00K $60.00K
YoY Change -100.02%
Cash From Investing Activities $60.00K $60.00K
YoY Change -100.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 544.0K 544.0K
YoY Change -99.78%
NET CHANGE
Cash From Operating Activities -680.9K -1.738M
Cash From Investing Activities 60.00K 60.00K
Cash From Financing Activities 544.0K 544.0K
Net Change In Cash -76.92K -1.134M
YoY Change -185.27%
FREE CASH FLOW
Cash From Operating Activities -$680.9K -$1.738M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2021 dei Entity Central Index Key
EntityCentralIndexKey
0001826667
CY2021 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021 dei Entity Address State Or Province
EntityAddressStateOrProvince
CT
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2021 dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
false
CY2021 dei Amendment Flag
AmendmentFlag
false
CY2021 mtac Transition Report
TransitionReport
true
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021 mtac Redemption Period Upon Closure
RedemptionPeriodUponClosure
P10D
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 mtac Numberofwarrantissuedperunit
Numberofwarrantissuedperunit
0.0033
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021 dei Document Type
DocumentType
10-K
CY2021 dei Document Annual Report
DocumentAnnualReport
true
CY2021 dei Document Period End Date
DocumentPeriodEndDate
2021-12-31
CY2021 dei Document Transition Report
DocumentTransitionReport
false
CY2021 dei Entity File Number
EntityFileNumber
001-39813
CY2021 dei Entity Registrant Name
EntityRegistrantName
MedTech Acquisition Corporation
CY2021 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2021 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-3009869
CY2021 dei Entity Address Address Line1
EntityAddressAddressLine1
48 Maple Avenue,
CY2021 dei Entity Address City Or Town
EntityAddressCityOrTown
Greenwich
CY2021 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
06830
CY2021 dei City Area Code
CityAreaCode
908
CY2021 dei Local Phone Number
LocalPhoneNumber
391-1288
CY2021 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2021 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2021 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021 dei Entity Small Business
EntitySmallBusiness
true
CY2021 dei Entity Shell Company
EntityShellCompany
true
CY2021Q2 dei Entity Public Float
EntityPublicFloat
242500000
CY2021 dei Auditor Name
AuditorName
WithumSmith+Brown, PC
CY2021 dei Auditor Location
AuditorLocation
New York
CY2021 dei Auditor Firm
AuditorFirmId
100
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
200884
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1334998
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
325000
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
673200
CY2021Q4 us-gaap Assets Current
AssetsCurrent
525884
CY2020Q4 us-gaap Assets Current
AssetsCurrent
2008198
CY2021Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
250007295
CY2020Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
250003298
CY2021Q4 us-gaap Assets
Assets
250533179
CY2020Q4 us-gaap Assets
Assets
252011496
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1057616
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-21485011
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-16717103
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-21484386
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
250533179
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
252011496
CY2021 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3040714
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
108493
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
-3040714
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
103216
CY2021Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
544000
CY2020Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
0
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
6898666
CY2020Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
14642666
CY2021Q4 mtac Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
8750000
CY2020Q4 mtac Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
8750000
CY2021Q4 us-gaap Liabilities
Liabilities
17250282
CY2020Q4 us-gaap Liabilities
Liabilities
23495882
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
250000000
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
250000000
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-16717728
us-gaap Operating Income Loss
OperatingIncomeLoss
-108493
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-7744000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
83333
CY2021 mtac Transaction Costs Associated With Initial Public Offering
TransactionCostsAssociatedWithInitialPublicOffering
0
mtac Transaction Costs Associated With Initial Public Offering
TransactionCostsAssociatedWithInitialPublicOffering
522861
CY2021 us-gaap Investment Income Interest
InvestmentIncomeInterest
63997
us-gaap Investment Income Interest
InvestmentIncomeInterest
3298
CY2021 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
7807997
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-602896
CY2021 us-gaap Net Income Loss
NetIncomeLoss
4767283
us-gaap Net Income Loss
NetIncomeLoss
-711389
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
0
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
25000
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1924000
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
22721997
us-gaap Net Income Loss
NetIncomeLoss
-711389
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-21484386
CY2021 us-gaap Net Income Loss
NetIncomeLoss
4767283
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-16717103
CY2021 us-gaap Profit Loss
ProfitLoss
4767283
us-gaap Profit Loss
ProfitLoss
-711389
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-7744000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
83333
mtac Transaction Costs Associated With Initial Public Offering
TransactionCostsAssociatedWithInitialPublicOffering
522861
CY2021 mtac Formation Cost Paid By Sponsor In Exchange For Issuance Of Founder Shares
FormationCostPaidBySponsorInExchangeForIssuanceOfFounderShares
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
252012597
mtac Formation Cost Paid By Sponsor In Exchange For Issuance Of Founder Shares
FormationCostPaidBySponsorInExchangeForIssuanceOfFounderShares
878
CY2021 us-gaap Investment Income Interest
InvestmentIncomeInterest
63997
us-gaap Investment Income Interest
InvestmentIncomeInterest
3298
CY2021 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-348200
CY2021 mtac Transaction Costs Associated With Initial Public Offering
TransactionCostsAssociatedWithInitialPublicOffering
0
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
673200
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
954400
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
103216
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1738114
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-677599
mtac Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
250000000
CY2021 mtac Cash Withdrawn From Trust Account For Franchise And Income Taxes
CashWithdrawnFromTrustAccountForFranchiseAndIncomeTaxes
60000
mtac Cash Withdrawn From Trust Account For Franchise And Income Taxes
CashWithdrawnFromTrustAccountForFranchiseAndIncomeTaxes
0
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
60000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-250000000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000
mtac Net Proceeds From Initial Public Offering
NetProceedsFromInitialPublicOffering
245000000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
7400000
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
544000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
178080
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
234323
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
544000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1134114
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1334998
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1334998
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
200884
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1334998
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
177202
mtac Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
8750000
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">MedTech Acquisition Corporation. (the “Company”) was incorporated in Delaware on September 11, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2021, the Company had not commenced any operations. All activity from inception through December 31, 2021, relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination and the proposed Merger with Memic as more fully described in Note 6. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering, held in the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The registration statements for the Company’s Initial Public Offering were declared effective on December 17, 2020. On December 22, 2020, the Company consummated the Initial Public Offering of 25,000,000 units (the “Units” and, with respect to the Class A common stock included in the Units sold, the “Public Shares”), which includes the partial exercise by the underwriter of its over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $250,000,000 which is described in Note 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,933,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to MedTech Acquisition Sponsor LLC (the “Sponsor”), generating gross proceeds of $7,400,000, which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the Initial Public Offering on December 22, 2020, an amount of $250,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), located in the United States and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Transaction costs amounted to $14,161,525, consisting of $5,000,000 in cash underwriting fees, $8,750,000 of deferred underwriting fees and $411,525 of other offering costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the amount of deferred underwriting discounts held in trust and net of taxes payable). The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company will provide the holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 following any related redemptions and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior consent of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Sponsor has agreed (a) to waive its redemption rights with respect to the Founder Shares and Public Shares held by it in connection with the completion of a Business Combination, (b) to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination by December 22, 2022 and (c) not to propose an amendment to the Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company will have until December 22, 2022 to complete a Business Combination (the “Combination Period”). If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than <span style="-sec-ix-hidden:Hidden_lq3rSCigxUG3f_2R7WRgpQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ten</span></span> business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of  (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Liquidity and Going Concern</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of December 31, 2021, the Company had $200,884 in its operating bank account and working capital deficit of $1,068,437, which excludes $7,295 of franchise taxes payable that can be paid with the interest earned on the trust.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 5). As of December 31, 2021, there were no amounts outstanding under any Working Capital Loan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">On December 30, 2021, the company entered into a promissory note agreement with the Sponsor for $544,000 (Note 5). As of December 31, 2021, there was $544,000 outstanding under the promissory note agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">On January 28, 2022, the Company issued an unsecured promissory note in principal amount of up to $400,000 to the Sponsor (the “2022 Promissory Note”), of which $75,000 was funded by the sponsor upon execution thereof. The 2022 Promissory Note does not bear interest and matures upon closing of the Company’s initial business combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until December 22, 2022, to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after December 22, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">​</span></p>
CY2021 mtac Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2020Q4 mtac Transaction Costs
TransactionCosts
14161525
CY2020Q4 mtac Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
5000000
CY2020Q4 mtac Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
8750000
CY2020Q4 mtac Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
411525
CY2021 mtac Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
80
CY2021 mtac Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
50
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2021Q4 mtac Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001
CY2021 mtac Redemption Limit Percentage Without Prior Consent
RedemptionLimitPercentageWithoutPriorConsent
15
CY2021 mtac Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2021 mtac Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2021 mtac Operating Bank Accounts
OperatingBankAccounts
200884
CY2021 mtac Working Capital
WorkingCapital
-1068437
CY2021 mtac Working Capital Loan
WorkingCapitalLoan
0
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of the financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.</p>
CY2020Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
14161525
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:normal;font-weight:normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of </span><span style="font-style:normal;font-weight:normal;">$250,000</span><span style="font-style:normal;font-weight:normal;">. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p>
CY2021Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2021 mtac Increase Decrease In Valuation Allowance
IncreaseDecreaseInValuationAllowance
625111
CY2021Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
544000
CY2020Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
0
CY2021Q4 mtac Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2021Q4 mtac Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2021Q4 mtac Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
8750000
CY2021 mtac Legal Fee Contigent Upon Consummation Of Business Combination
LegalFeeContigentUponConsummationOfBusinessCombination
508525
CY2021 mtac Investment Advisory Fee Contingent Upon Consummation Of Business Combination
InvestmentAdvisoryFeeContingentUponConsummationOfBusinessCombination
400000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
mtac Increase Decrease In Valuation Allowance
IncreaseDecreaseInValuationAllowance
22091
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
40819
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
12170
CY2021Q4 mtac Deferred Tax Assets Capitalized Start Up And Organization Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationCosts
606383
CY2020Q4 mtac Deferred Tax Assets Capitalized Start Up And Organization Costs
DeferredTaxAssetsCapitalizedStartUpAndOrganizationCosts
9921
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
647202
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
22091
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
647202
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22091
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-625111
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-22091
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
194000
CY2020Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
58000
CY2021 mtac Increase Decrease In Valuation Allowance
IncreaseDecreaseInValuationAllowance
625111
mtac Increase Decrease In Valuation Allowance
IncreaseDecreaseInValuationAllowance
22091
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000
CY2021 mtac Percentage Of Changes In Fair Value Of Warrant Liabilities
PercentageOfChangesInFairValueOfWarrantLiabilities
-34.1
CY2020 mtac Percentage Of Changes In Fair Value Of Warrant Liabilities
PercentageOfChangesInFairValueOfWarrantLiabilities
-2.5
CY2020 mtac Percentage Of Transaction Costs Allocable To Warrants
PercentageOfTransactionCostsAllocableToWarrants
-0.154
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.131
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.031
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000

Files In Submission

Name View Source Status
0001410578-22-000252-index-headers.html Edgar Link pending
0001410578-22-000252-index.html Edgar Link pending
0001410578-22-000252.txt Edgar Link pending
0001410578-22-000252-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
mtac-20211231.xsd Edgar Link pending
mtac-20211231x10k.htm Edgar Link pending
mtac-20211231x10k_htm.xml Edgar Link completed
mtac-20211231xex31d1.htm Edgar Link pending
mtac-20211231xex31d2.htm Edgar Link pending
mtac-20211231xex32d1.htm Edgar Link pending
mtac-20211231xex32d2.htm Edgar Link pending
mtac-20211231_cal.xml Edgar Link unprocessable
mtac-20211231_def.xml Edgar Link unprocessable
mtac-20211231_lab.xml Edgar Link unprocessable
mtac-20211231_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending