Business Combination - The Business Combination between ATAK and DIH closed on February 7, 2024, resulting in the formation of DIH Holding US, Inc. as a Delaware corporation [22]. - The company extended the Combination Period six times for an additional month each time, from February 9, 2023, to August 9, 2023 [61]. - The company adopted a Second Extension Amendment allowing further extensions of the Business Combination Period until February 9, 2024 [72]. - The Business Combination with DIH Technology, Ltd. closed on February 7, 2024, with an aggregate consideration of $250,000,000 in newly issued shares [81][87]. - DIH stockholders may receive up to 6,000,000 additional shares based on performance milestones during the Earnout Period [88]. Financial Activities - ATAK issued 5,750,000 Class B ordinary shares at approximately $0.0043 per share, generating $25,000 [57]. - The initial public offering (IPO) consisted of 20,200,000 units sold at $10.00 per unit, raising gross proceeds of $202,000,000 [58]. - An aggregate of $204,020,000 was placed in the trust account following the IPO and private placement [59]. - 14,529,877 Class A ordinary shares were redeemed for cash at approximately $10.2769 per share, totaling around $149.3 million [63]. - The total amount in the trust account after redemptions was approximately $58.3 million [63]. - The company issued multiple unsecured promissory notes, including a $135,000 note for extending the Combination Period [64]. - The company issued a $810,000 promissory note to extend the Combination Period, with no interest and repayable upon business combination or liquidation [73]. - The company issued a total of $100,000 in working capital notes to provide additional working capital [68]. - The Company drew down $135,000 for the third month of the Extension on October 2, 2023, extending the Combination Period to November 9, 2023 [76]. - An unsecured promissory note for $75,000 was issued to the Sponsor on October 2, 2023, to provide additional working capital [76]. - The Company drew down another $135,000 for the fourth month of the Extension on November 3, 2023, extending the Combination Period to December 9, 2023 [77]. - An unsecured promissory note for $50,000 was issued to the Sponsor on November 17, 2023, for additional working capital [77]. - The Company drew down $135,000 for the fifth month of the Extension on December 5, 2023, extending the Combination Period to January 9, 2024 [78]. - An unsecured promissory note for $36,500 was issued to the Sponsor on December 8, 2023, for additional working capital [78]. - The Company drew down $135,000 for the sixth month of the Extension on January 4, 2024, extending the Combination Period to February 7, 2024 [79]. Market and Product Overview - DIH currently offers 17 robotic rehabilitation and VR-based movement systems across three major product categories targeting upper extremity, lower extremity, and full body interventions [29]. - The market for robotic devices in rehabilitation is rapidly growing, driven by an aging population and increasing demand for healthcare services [25]. - DIH's products are adopted by most of the top 500 leading inpatient rehabilitation facilities (IRFs), indicating strong market penetration and recognition [26]. - The company aims to expand its market coverage significantly in the next 5-10 years, leveraging its leadership in the rehabilitation technology sector [26]. - DIH's advanced rehabilitation robots are recognized for their effectiveness in treating high acuity patients, such as those with traumatic brain injuries and strokes [26]. - The company is focused on North American and European markets for immediate growth, while exploring early-stage opportunities in other international markets [25]. - DIH's technology enables therapists to treat multiple patients simultaneously, enhancing efficiency and improving patient outcomes [27]. - The integration of robotic and VR technologies aims to transform rehabilitation care, providing a network of collaboration and tracking for patient progress [24]. - The company emphasizes the importance of modularization and acquisitions to exploit the diverse outpatient rehabilitation market [27]. Product Specifics - ArmeoPower records patient performance during therapy sessions, utilizing standardized assessment tools to evaluate motor functions [32]. - Over 1,085 Lokomat systems have been installed in more than 650 facilities worldwide, enhancing patient care and therapy efficiency [37]. - The Erigo Robot is designed for early mobilization of patients post-ICU, improving cardiovascular stabilization and reducing length of stay [36]. - Lokomat provides robot-assisted therapy to improve muscle strength and joint range of motion, motivating patients through game-like exercises [36]. - CAREN is the most advanced VR-enabled platform for human movement research, offering real-time data collection and analysis capabilities [40]. Operational Management - The company has implemented a monthly S&OP meeting to align production planning with sales forecasts, involving all relevant stakeholders [44]. - As of April 26, 2024, the company employs 242 employees, emphasizing a positive work environment and talent development [49]. - The company has over 20 trademark families registered, with a total of 411 registrations across 18 countries [54].
Aurora Technology Acquisition (ATAK) - 2023 Q4 - Annual Report