Shares of Catheter Precision, Inc. (VTAK) are surging nearly 50 percent on Tuesday, after the company completed the acquisition of Fly Flyte, Inc. from Creatd, Inc. (CRTDD), resulting in the ownership of the AI-enabled regional aviation operator.
As per the terms of the completed transaction, Creatd will receive approximately $6 million in cash and nearly $6 million in Convertible Preferred Stock of VTAK.
VTAK is currently soaring 45.26% at $2.00, and CRTDD is up 5.44% at $9.40.
In February VTAK has acquired 20 percent stake in Fly Flyte and now acquired the remaining 80 percent.
Catheter Precision is an innovative U.S.-based medical device company developing advanced solutions to improve the treatment of cardiac arrhythmias and FlyFlyte is a technology-enabled Regional air mobility company operating a growing fleet of Cirrus Vision Jets.
The transaction converts Flyte from a minority strategic investment into a wholly owned operating subsidiary, establishing Catheter Precision as the owner of a revenue-generating, asset-backed aviation platform, Fly Flyte, with certified aircraft, tangible infrastructure, and scalable fleet economics.
In addition, the sale is also consistent with Creatd's strategy of developing turnkey operating solutions and the transaction positions Creatd as a significant shareholder in Catheter Precision and strengthens Creatd's balance sheet.
"This transaction marks a defining inflection point for VTAK," said David Jenkins, CEO and Chairman of Catheter Precision.
"Being listed on a national stock exchange and becoming a wholly owned subsidiary of VTAK provides Flyte with aligned governance, capital support, and a clear execution framework," said Marc Sellouk, CEO and Founder of Flyte.
VTAK has traded between $1.14 and $15.77 in the last year. The stock closed Monday's trade at $1.37.
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