[sheet: Cover]

Field	Value
Transaction	Initial Public Offering of American Depositary Shares — Solstice Biomedical Devices Limited
Gross Proceeds	$85,000,000
Closing Date	March 21, 2023
Pricing Date	March 2, 2023
Original Expected Closing Date	March 7, 2023
Issuer	Solstice Biomedical Devices Limited (CRO No. 587412)
Issuer Address	Unit 7, Lakeview Technology Campus, Parkmore East, Galway, H91 XK72, Ireland
Issuer's Counsel	Calderwood & Harkness LLP, 425 Lexington Avenue, New York, NY 10174
Responsible Partner	Theodore Langston
Lead Associate	Natasha Forbes
Prepared By	Eric Johannsen, Working Associate, Capital Markets
Lead Bookrunning Manager	Keystone Mercer & Co., LLC, 280 Park Avenue, 14th Floor, New York, NY 10017
Co-Managers	Ridgeline Capital Markets, Inc.; Broadleaf Partners LLC
Underwriters' Counsel	Pellwick Raine LLP, 51 West 52nd Street, New York, NY 10019
Independent Auditor	Calderwood & Associates LLP, 1345 Avenue of the Americas, 30th Floor, New York, NY 10105
ADS Depositary / Transfer Agent	Meridian Trust Company, N.A., 500 Ross Street, Pittsburgh, PA 15219
Escrow Agent	Northvale Fiduciary Services LLC, 1 Liberty Plaza, Suite 4200, New York, NY 10006
Nasdaq Ticker Symbol	SBDX
SEC File Number	333-268514
CUSIP (ADSs)	83472R 109
ADS Ratio	1 ADS : 1 Ordinary Share
Firm ADSs Offered	6,666,667
Overallotment ADSs	1,000,000
Total ADSs (Full Exercise)	7,666,667

Public Offering Price per ADS	$11.0769
Underwriting discount	6.5% / $5,525,000
Governing Law (Underwriting Agreement)	State of Delaware

[sheet: A - Registration & Effectivenes]

Item No.	Description	Responsible Party	Key Contact	Due Date	Delivery Date	Status	Notes
A-1	Confidential submission of Draft Registration Statement (DRS) on Form S-1 to SEC	Calderwood & Harkness LLP / Solstice	Natasha Forbes / Fiona Drennan	November 14, 2022	November 14, 2022	Complete	SEC File No. 333-268514
A-2	Receipt of SEC first-round comment letter	SEC Division of Corporation Finance	—	—	December 22, 2022	Complete
A-3	Filing of first amendment to DRS in response to SEC first-round comments	Calderwood & Harkness LLP / Solstice	Natasha Forbes	January 18, 2023	January 18, 2023	Complete
A-4	Receipt of SEC second-round comment letter	SEC Division of Corporation Finance	—	—	February 8, 2023	Complete
A-5	Filing of second amendment to Registration Statement; public filing of S-1; response to SEC second-round comments	Calderwood & Harkness LLP / Solstice	Natasha Forbes	February 17, 2023	February 17, 2023	Complete	Simultaneously filed publicly as S-1
A-6	Registration Statement on Form S-1 declared effective by SEC	SEC	—	February 28, 2023	February 28, 2023	Complete	Effectiveness date; roadshow commenced same day
A-7	Filing of final prospectus (Rule 424(b)) with SEC	Calderwood & Harkness LLP	Eric Johannsen	March 4, 2023	March 4, 2023	Complete	Filed within two business days of pricing (March 2, 2023)
A-8	Confirmation that no stop order or proceedings under Section 8(d) of the Securities Act pending or threatened	Calderwood & Harkness LLP	Natasha Forbes	March 21, 2023	March 21, 2023	Complete	Confirmed at closing

[sheet: B - Transaction Documents]

Item No.	Description	Parties	Responsible Party	Key Contact	Due Date	Delivery Date	Status	Notes
B-1	Underwriting Agreement (Execution Version)	Solstice Biomedical Devices Limited; Keystone Mercer & Co., LLC (as representative of the underwriters, including Ridgeline Capital Markets, Inc. and Broadleaf Partners LLC)	Calderwood & Harkness LLP / Pellwick Raine LLP	Natasha Forbes / Harrison Blake	March 2, 2023	March 2, 2023	Complete	Governing law: State of Delaware; underwriting discount 6.5% ($5,525,000); firm ADSs: 6,666,667; overallotment: 1,000,000 ADSs exercisable within 30 days; price per ADS: $11.0769
B-2	Registration Rights Agreement	Solstice Biomedical Devices Limited; Greystone Ventures Fund III, L.P.; Pinnacle Health Innovation Fund, L.P.; Elkridge Growth Partners II, L.P.	Calderwood & Harkness LLP	Natasha Forbes	March 2, 2023	March 2, 2023	Complete	Demand registration rights (up to two demands) and piggyback rights; exercisable post-lock-up (after August 29, 2023); governed by Delaware law
B-3	Deposit Agreement	Solstice Biomedical Devices Limited; Meridian Trust Company, N.A. (depositary); holders and beneficial owners of ADSs	Calderwood & Harkness LLP / Meridian Trust	Natasha Forbes / Thomas Crenna	March 2, 2023	March 2, 2023	Complete	1 ADS : 1 ordinary share; CUSIP 83472R 109; depositary address: 500 Ross Street, Pittsburgh, PA 15219
B-4	Lock-Up Agreement — Dr. Cormac Tierney (CEO & Co-Founder)	Dr. Cormac Tierney; Keystone Mercer & Co., LLC (as representative)	Pellwick Raine LLP	Harrison Blake	March 2, 2023	March 2, 2023	Complete	4,200,000 shares (15.0% pre-IPO); 180-day lock-up from March 2, 2023 to August 29, 2023
B-5	Lock-Up Agreement — Dr. Siobhán Kelleher (CTO & Co-Founder)	Dr. Siobhán Kelleher; Keystone Mercer & Co., LLC	Pellwick Raine LLP	Harrison Blake	March 2, 2023	March 2, 2023	Complete	3,360,000 shares (12.0% pre-IPO); 180-day lock-up
B-6	Lock-Up Agreement — Ronan McBride (CFO)	Ronan McBride; Keystone Mercer & Co., LLC	Pellwick Raine LLP	Harrison Blake	March 2, 2023	March 2, 2023	Complete	840,000 shares (3.0% pre-IPO); 180-day lock-up
B-7	Lock-Up Agreement — Declan Whitfield (Board Chair)	Declan Whitfield; Keystone Mercer & Co., LLC	Pellwick Raine LLP	Harrison Blake	March 2, 2023	March 2, 2023	Complete	700,000 shares; 180-day lock-up
B-8	Lock-Up Agreement — Greystone Ventures Fund III, L.P.	Greystone Ventures Fund III, L.P. (Julian Reyes Linley CPAs LLP, Managing Partner); Keystone Mercer & Co., LLC	Pellwick Raine LLP	Harrison Blake	March 2, 2023	March 2, 2023	Complete	5,600,000 shares (20.0% pre-IPO); 180-day lock-up
B-9	Lock-Up Agreement — Pinnacle Health Innovation Fund, L.P.	Pinnacle Health Innovation Fund, L.P. (Dr. Amara Osei, Managing Partner); Keystone Mercer & Co., LLC	Pellwick Raine LLP	Harrison Blake	March 2, 2023	March 2, 2023	Complete	4,480,000 shares (16.0% pre-IPO); 180-day lock-up
B-10	Lock-Up Agreement — Elkridge Growth Partners II, L.P.	Elkridge Growth Partners II, L.P. (Henrik Johansson, Managing Partner); Keystone Mercer & Co., LLC	Pellwick Raine LLP	Harrison Blake	March 2, 2023	March 2, 2023	Complete	2,800,000 shares (10.0% pre-IPO); Cayman Islands exempted LP; 180-day lock-up
B-11	Lock-Up Agreements — Other Insiders (aggregate)	Various insiders; Keystone Mercer & Co., LLC	Pellwick Raine LLP	Harrison Blake	March 2, 2023	March 2, 2023	Complete	Aggregate 1,500,000 shares; total lock-up shares: 23,480,000 (83.9% of 28,000,000 pre-IPO shares); 180-day lock-up through August 29, 2023
B-12	Escrow Agreement	Solstice Biomedical Devices Limited; Keystone Mercer & Co., LLC; Northvale Fiduciary Services LLC (escrow agent)	Calderwood & Harkness LLP / Northvale	Natasha Forbes / Angela Morse	March 2, 2023	March 2, 2023	Complete	Escrow for IPO proceeds pending closing

[sheet: C - Opinions & Certificates]

Item No.	Description	Issuing Party	Addressee(s)	Key Contact / Signatory	Due Date	Delivery Date	Status	Notes
C-1	Opinion of Issuer's Counsel (enforceability and 10b-5 negative assurance letter)	Calderwood & Harkness LLP	Keystone Mercer & Co., LLC (as representative of the underwriters)	Theodore Langston (signatory)	March 21, 2023	March 21, 2023	Complete	Opines on due organization of issuer, valid issuance of ordinary shares underlying ADSs, enforceability of Underwriting Agreement, Registration Rights Agreement, and Deposit Agreement, Securities Act compliance, negative assurance re: Registration Statement (File No. 333-268514) and Prospectus
C-2	Opinion of Underwriters' Counsel	Pellwick Raine LLP	Keystone Mercer & Co., LLC; Ridgeline Capital Markets, Inc.; Broadleaf Partners LLC	Harrison Blake	March 21, 2023	March 21, 2023	Complete	Customary underwriters' counsel opinion on Securities Act matters
C-3	Officers' Certificate	Solstice Biomedical Devices Limited	Keystone Mercer & Co., LLC (as representative of the underwriters)	Dr. Cormac Tierney (CEO) and Ronan McBride (CFO)	March 21, 2023	March 21, 2023	Complete	Certifies accuracy of issuer's representations and warranties under Underwriting Agreement as of closing date; satisfaction of all conditions; no material adverse change since FY2022 financials; effectiveness of Registration Statement (File No. 333-268514)
C-4	Secretary's Certificate	Solstice Biomedical Devices Limited	Keystone Mercer & Co., LLC (as representative of the underwriters)	Company Secretary	March 21, 2023	March 21, 2023	Complete	Attaches: (i) board resolutions authorizing IPO, Underwriting Agreement, Deposit Agreement, Registration Rights Agreement, issuance of 7,666,667 ordinary shares; (ii) shareholder resolutions amending authorized share capital to 100,000,000 ordinary shares at €0.01 nominal value; (iii) incumbency certificate (Dr. Cormac Tierney, Dr. Siobhán Kelleher, Ronan McBride, Fiona Drennan, Declan Whitfield); (iv) memorandum and articles of association as currently in effect
C-5	Comfort Letter (initial — at effectiveness)	Calderwood & Associates LLP	Keystone Mercer & Co., LLC (as representative of the underwriters)	Patricia Yuen (Engagement Partner)	February 28, 2023	February 28, 2023	Complete	Initial comfort letter covering audited FY2020, FY2021, FY2022 financials and selected unaudited interim data; PCAOB-registered firm
C-6	Comfort Letter (bring-down — at closing)	Calderwood & Associates LLP	Keystone Mercer & Co., LLC (as representative of the underwriters)	Patricia Yuen	March 21, 2023	March 21, 2023	Complete	Bring-down comfort letter confirming no material changes since initial comfort letter; FY2022 revenue $47.3M, gross margin 68.2%, net loss ($14.1M), cash & equivalents $11.8M, total assets $93.6M
C-7	CFO Certificate — Use of Proceeds	Solstice Biomedical Devices Limited	Keystone Mercer & Co., LLC	Ronan McBride (CFO)	March 21, 2023	March 21, 2023	Complete	Confirms intended use of net proceeds of $76,275,000: ~40% ($30,510,000) OrthoSync™ clinical trial; ~25% ($19,068,750) commercial expansion; ~20% ($15,255,000) R&D; ~15% ($11,441,250) working capital and general corporate purposes

[sheet: D - Regulatory & Corporate]

Item No.	Description	Responsible Party	Key Contact	Due Date	Delivery Date	Status	Notes
D-1	Nasdaq Global Market listing approval for ticker SBDX	Solstice / Calderwood & Harkness LLP	Natasha Forbes / Fiona Drennan	Prior to closing	February 27, 2023	Complete	Listing of ADSs (each representing 1 ordinary share); CUSIP 83472R 109
D-2	FINRA no-objection letter regarding underwriting terms and compensation	Keystone Mercer & Co., LLC / Pellwick Raine LLP	Meg Hollister / Harrison Blake	Prior to effectiveness	February 24, 2023	Complete	Confirmation that FINRA has no objection to underwriting discount of 6.5% and other underwriting arrangements
D-3	Irish Companies Registration Office (CRO) filings — special resolution amending authorized share capital	Solstice / Irish counsel	Fiona Drennan	Prior to closing	February 15, 2023	Complete	CRO No. 587412; amendment to 100,000,000 ordinary shares at €0.01 nominal value per Irish Companies Act 2014
D-4	Irish CRO filing — return of allotments (Form B5) for ordinary shares issued in IPO	Solstice / Irish counsel	Fiona Drennan	Within 30 days of closing	Pending (due April 20, 2023)	Pending	7,666,667 new ordinary shares allotted; post-IPO shares outstanding: 35,666,667
D-5	Good standing certificate / certificate of incorporation on a going concern basis — Solstice Biomedical Devices Limited (Ireland)	Solstice / Irish counsel	Fiona Drennan	March 21, 2023	March 21, 2023	Complete	Issued by CRO confirming company in good standing
D-6	Certificate of good standing — Solstice Surgical Inc. (Delaware)	Solstice Surgical Inc.	Ronan McBride	March 21, 2023	March 21, 2023	Complete	Delaware corporation; EIN 87-4231568; wholly owned subsidiary; address: 200 West Adams Street, Suite 1100, Chicago, IL 60606
D-7	DTC eligibility confirmation for ADSs	Meridian Trust Company, N.A.	Thomas Crenna	Prior to closing	March 15, 2023	Complete	ADSs eligible for book-entry settlement through DTC
D-8	Evidence of FDA 510(k) clearance — NeuroPath™ Guided Navigation System	Solstice	Fiona Drennan	Prior to effectiveness	Provided with DRS	Complete	510(k) No. K211847; clearance date June 14, 2021
D-9	Evidence of FDA IDE approval — OrthoSync™ Intraoperative Imaging Platform	Solstice	Fiona Drennan	Prior to effectiveness	Provided with DRS	Complete	IDE No. G220035; approved September 2, 2022; pivotal trial enrollment ongoing at 6 U.S. sites
D-10	Evidence of CE Mark — NeuroPath™ (MDD/MDR transition)	Solstice	Fiona Drennan	Prior to effectiveness	Provided with DRS	Complete	CE Mark valid through May 2025

[sheet: E - Funds Flow]

Item No.	Description	Amount	Responsible Party	Key Contact	Due Date	Delivery Date	Status	Notes
E-1	Gross proceeds from sale of 7,666,667 ADSs (including full exercise of overallotment) at $11.0769 per ADS	$85,000,000	Keystone Mercer & Co., LLC	Meg Hollister	March 21, 2023	March 21, 2023	Complete	Total ADSs: 6,666,667 firm + 1,000,000 overallotment
E-2	Less: Underwriting discount (6.5% of gross proceeds)	($5,525,000)	Keystone Mercer & Co., LLC	Meg Hollister	March 21, 2023	March 21, 2023	Complete	$85,000,000 × 6.5% = $5,525,000; retained by underwriters
E-3	Net proceeds before expenses	$79,475,000	—	—	—	—	—	$85,000,000 − $5,525,000 = $79,475,000
E-4	Less: Estimated offering expenses (excluding underwriting discount)	($3,200,000)	Solstice / Calderwood & Harkness LLP	Ronan McBride / Eric Johannsen	March 21, 2023	March 21, 2023	Complete	Includes SEC filing fees, Nasdaq listing fee, FINRA fee, printing, legal fees, accounting fees, D&O insurance, transfer agent fees, miscellaneous
E-5	Net proceeds to issuer (after all expenses)	$76,275,000	—	—	—	—	—	$79,475,000 − $3,200,000 = $76,275,000
E-6	Wire transfer of net proceeds from escrow to Solstice Biomedical Devices Limited account	$76,275,000	Northvale Fiduciary Services LLC (escrow agent)	Angela Morse	March 21, 2023	March 21, 2023	Complete	Funds released from escrow upon satisfaction of all closing conditions; wired to Solstice's designated account
E-7	Wire transfer of underwriting discount to Keystone Mercer & Co., LLC (for distribution to syndicate)	$5,525,000	Northvale Fiduciary Services LLC	Angela Morse	March 21, 2023	March 21, 2023	Complete	Distributed among Keystone Mercer (lead bookrunner), Ridgeline Capital Markets, Inc. (co-manager), and Broadleaf Partners LLC (co-manager)
E-8	Confirmation of receipt of funds — Solstice Biomedical Devices Limited	$76,275,000	Solstice	Ronan McBride (CFO)	March 21, 2023	March 21, 2023	Complete
E-9	Funds flow memorandum — executed by all parties	—	Calderwood & Harkness LLP / Pellwick Raine LLP	Eric Johannsen / Harrison Blake	March 21, 2023	March 21, 2023	Complete	Details all wire instructions and amounts

[sheet: Cover]
Field | Value
Transaction | Initial Public Offering of American Depositary Shares — Solstice Biomedical Devices Limited
Gross Proceeds | $85,000,000
Closing Date | March 21, 2023
Pricing Date | March 2, 2023
Original Expected Closing Date | March 7, 2023
Issuer | Solstice Biomedical Devices Limited (CRO No. 587412)
Issuer Address | Unit 7, Lakeview Technology Campus, Parkmore East, Galway, H91 XK72, Ireland
Issuer's Counsel | Calderwood & Harkness LLP, 425 Lexington Avenue, New York, NY 10174
Responsible Partner | Theodore Langston
Lead Associate | Natasha Forbes
Prepared By | Eric Johannsen, Working Associate, Capital Markets
Lead Bookrunning Manager | Keystone Mercer & Co., LLC, 280 Park Avenue, 14th Floor, New York, NY 10017
Co-Managers | Ridgeline Capital Markets, Inc.; Broadleaf Partners LLC
Underwriters' Counsel | Pellwick Raine LLP, 51 West 52nd Street, New York, NY 10019
Independent Auditor | Calderwood & Associates LLP, 1345 Avenue of the Americas, 30th Floor, New York, NY 10105
ADS Depositary / Transfer Agent | Meridian Trust Company, N.A., 500 Ross Street, Pittsburgh, PA 15219
Escrow Agent | Northvale Fiduciary Services LLC, 1 Liberty Plaza, Suite 4200, New York, NY 10006
Nasdaq Ticker Symbol | SBDX
SEC File Number | 333-268514
CUSIP (ADSs) | 83472R 109
ADS Ratio | 1 ADS : 1 Ordinary Share
Firm ADSs Offered | 6,666,667
Overallotment ADSs | 1,000,000
Total ADSs (Full Exercise) | 7,666,667
Public Offering Price per ADS | $11.0769
Underwriting discount | 6.5% / $5,525,000
Governing Law (Underwriting Agreement) | State of Delaware
[sheet: A - Registration & Effectivenes]
Item No. | Description | Responsible Party | Key Contact | Due Date | Delivery Date | Status | Notes
A-1 | Confidential submission of Draft Registration Statement (DRS) on Form S-1 to SEC | Calderwood & Harkness LLP / Solstice | Natasha Forbes / Fiona Drennan | November 14, 2022 | November 14, 2022 | Complete | SEC File No. 333-268514
A-2 | Receipt of SEC first-round comment letter | SEC Division of Corporation Finance | — | — | December 22, 2022 | Complete
A-3 | Filing of first amendment to DRS in response to SEC first-round comments | Calderwood & Harkness LLP / Solstice | Natasha Forbes | January 18, 2023 | January 18, 2023 | Complete
A-4 | Receipt of SEC second-round comment letter | SEC Division of Corporation Finance | — | — | February 8, 2023 | Complete
A-5 | Filing of second amendment to Registration Statement; public filing of S-1; response to SEC second-round comments | Calderwood & Harkness LLP / Solstice | Natasha Forbes | February 17, 2023 | February 17, 2023 | Complete | Simultaneously filed publicly as S-1
A-6 | Registration Statement on Form S-1 declared effective by SEC | SEC | — | February 28, 2023 | February 28, 2023 | Complete | Effectiveness date; roadshow commenced same day
A-7 | Filing of final prospectus (Rule 424(b)) with SEC | Calderwood & Harkness LLP | Eric Johannsen | March 4, 2023 | March 4, 2023 | Complete | Filed within two business days of pricing (March 2, 2023)
A-8 | Confirmation that no stop order or proceedings under Section 8(d) of the Securities Act pending or threatened | Calderwood & Harkness LLP | Natasha Forbes | March 21, 2023 | March 21, 2023 | Complete | Confirmed at closing
[sheet: B - Transaction Documents]
Item No. | Description | Parties | Responsible Party | Key Contact | Due Date | Delivery Date | Status | Notes
B-1 | Underwriting Agreement (Execution Version) | Solstice Biomedical Devices Limited; Keystone Mercer & Co., LLC (as representative of the underwriters, including Ridgeline Capital Markets, Inc. and Broadleaf Partners LLC) | Calderwood & Harkness LLP / Pellwick Raine LLP | Natasha Forbes / Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | Governing law: State of Delaware; underwriting discount 6.5% ($5,525,000); firm ADSs: 6,666,667; overallotment: 1,000,000 ADSs exercisable within 30 days; price per ADS: $11.0769
B-2 | Registration Rights Agreement | Solstice Biomedical Devices Limited; Greystone Ventures Fund III, L.P.; Pinnacle Health Innovation Fund, L.P.; Elkridge Growth Partners II, L.P. | Calderwood & Harkness LLP | Natasha Forbes | March 2, 2023 | March 2, 2023 | Complete | Demand registration rights (up to two demands) and piggyback rights; exercisable post-lock-up (after August 29, 2023); governed by Delaware law
B-3 | Deposit Agreement | Solstice Biomedical Devices Limited; Meridian Trust Company, N.A. (depositary); holders and beneficial owners of ADSs | Calderwood & Harkness LLP / Meridian Trust | Natasha Forbes / Thomas Crenna | March 2, 2023 | March 2, 2023 | Complete | 1 ADS : 1 ordinary share; CUSIP 83472R 109; depositary address: 500 Ross Street, Pittsburgh, PA 15219
B-4 | Lock-Up Agreement — Dr. Cormac Tierney (CEO & Co-Founder) | Dr. Cormac Tierney; Keystone Mercer & Co., LLC (as representative) | Pellwick Raine LLP | Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | 4,200,000 shares (15.0% pre-IPO); 180-day lock-up from March 2, 2023 to August 29, 2023
B-5 | Lock-Up Agreement — Dr. Siobhán Kelleher (CTO & Co-Founder) | Dr. Siobhán Kelleher; Keystone Mercer & Co., LLC | Pellwick Raine LLP | Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | 3,360,000 shares (12.0% pre-IPO); 180-day lock-up
B-6 | Lock-Up Agreement — Ronan McBride (CFO) | Ronan McBride; Keystone Mercer & Co., LLC | Pellwick Raine LLP | Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | 840,000 shares (3.0% pre-IPO); 180-day lock-up
B-7 | Lock-Up Agreement — Declan Whitfield (Board Chair) | Declan Whitfield; Keystone Mercer & Co., LLC | Pellwick Raine LLP | Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | 700,000 shares; 180-day lock-up
B-8 | Lock-Up Agreement — Greystone Ventures Fund III, L.P. | Greystone Ventures Fund III, L.P. (Julian Reyes Linley CPAs LLP, Managing Partner); Keystone Mercer & Co., LLC | Pellwick Raine LLP | Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | 5,600,000 shares (20.0% pre-IPO); 180-day lock-up
B-9 | Lock-Up Agreement — Pinnacle Health Innovation Fund, L.P. | Pinnacle Health Innovation Fund, L.P. (Dr. Amara Osei, Managing Partner); Keystone Mercer & Co., LLC | Pellwick Raine LLP | Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | 4,480,000 shares (16.0% pre-IPO); 180-day lock-up
B-10 | Lock-Up Agreement — Elkridge Growth Partners II, L.P. | Elkridge Growth Partners II, L.P. (Henrik Johansson, Managing Partner); Keystone Mercer & Co., LLC | Pellwick Raine LLP | Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | 2,800,000 shares (10.0% pre-IPO); Cayman Islands exempted LP; 180-day lock-up
B-11 | Lock-Up Agreements — Other Insiders (aggregate) | Various insiders; Keystone Mercer & Co., LLC | Pellwick Raine LLP | Harrison Blake | March 2, 2023 | March 2, 2023 | Complete | Aggregate 1,500,000 shares; total lock-up shares: 23,480,000 (83.9% of 28,000,000 pre-IPO shares); 180-day lock-up through August 29, 2023
B-12 | Escrow Agreement | Solstice Biomedical Devices Limited; Keystone Mercer & Co., LLC; Northvale Fiduciary Services LLC (escrow agent) | Calderwood & Harkness LLP / Northvale | Natasha Forbes / Angela Morse | March 2, 2023 | March 2, 2023 | Complete | Escrow for IPO proceeds pending closing
[sheet: C - Opinions & Certificates]
Item No. | Description | Issuing Party | Addressee(s) | Key Contact / Signatory | Due Date | Delivery Date | Status | Notes
C-1 | Opinion of Issuer's Counsel (enforceability and 10b-5 negative assurance letter) | Calderwood & Harkness LLP | Keystone Mercer & Co., LLC (as representative of the underwriters) | Theodore Langston (signatory) | March 21, 2023 | March 21, 2023 | Complete | Opines on due organization of issuer, valid issuance of ordinary shares underlying ADSs, enforceability of Underwriting Agreement, Registration Rights Agreement, and Deposit Agreement, Securities Act compliance, negative assurance re: Registration Statement (File No. 333-268514) and Prospectus
C-2 | Opinion of Underwriters' Counsel | Pellwick Raine LLP | Keystone Mercer & Co., LLC; Ridgeline Capital Markets, Inc.; Broadleaf Partners LLC | Harrison Blake | March 21, 2023 | March 21, 2023 | Complete | Customary underwriters' counsel opinion on Securities Act matters
C-3 | Officers' Certificate | Solstice Biomedical Devices Limited | Keystone Mercer & Co., LLC (as representative of the underwriters) | Dr. Cormac Tierney (CEO) and Ronan McBride (CFO) | March 21, 2023 | March 21, 2023 | Complete | Certifies accuracy of issuer's representations and warranties under Underwriting Agreement as of closing date; satisfaction of all conditions; no material adverse change since FY2022 financials; effectiveness of Registration Statement (File No. 333-268514)
C-4 | Secretary's Certificate | Solstice Biomedical Devices Limited | Keystone Mercer & Co., LLC (as representative of the underwriters) | Company Secretary | March 21, 2023 | March 21, 2023 | Complete | Attaches: (i) board resolutions authorizing IPO, Underwriting Agreement, Deposit Agreement, Registration Rights Agreement, issuance of 7,666,667 ordinary shares; (ii) shareholder resolutions amending authorized share capital to 100,000,000 ordinary shares at €0.01 nominal value; (iii) incumbency certificate (Dr. Cormac Tierney, Dr. Siobhán Kelleher, Ronan McBride, Fiona Drennan, Declan Whitfield); (iv) memorandum and articles of association as currently in effect
C-5 | Comfort Letter (initial — at effectiveness) | Calderwood & Associates LLP | Keystone Mercer & Co., LLC (as representative of the underwriters) | Patricia Yuen (Engagement Partner) | February 28, 2023 | February 28, 2023 | Complete | Initial comfort letter covering audited FY2020, FY2021, FY2022 financials and selected unaudited interim data; PCAOB-registered firm
C-6 | Comfort Letter (bring-down — at closing) | Calderwood & Associates LLP | Keystone Mercer & Co., LLC (as representative of the underwriters) | Patricia Yuen | March 21, 2023 | March 21, 2023 | Complete | Bring-down comfort letter confirming no material changes since initial comfort letter; FY2022 revenue $47.3M, gross margin 68.2%, net loss ($14.1M), cash & equivalents $11.8M, total assets $93.6M
C-7 | CFO Certificate — Use of Proceeds | Solstice Biomedical Devices Limited | Keystone Mercer & Co., LLC | Ronan McBride (CFO) | March 21, 2023 | March 21, 2023 | Complete | Confirms intended use of net proceeds of $76,275,000: ~40% ($30,510,000) OrthoSync™ clinical trial; ~25% ($19,068,750) commercial expansion; ~20% ($15,255,000) R&D; ~15% ($11,441,250) working capital and general corporate purposes
[sheet: D - Regulatory & Corporate]
Item No. | Description | Responsible Party | Key Contact | Due Date | Delivery Date | Status | Notes
D-1 | Nasdaq Global Market listing approval for ticker SBDX | Solstice / Calderwood & Harkness LLP | Natasha Forbes / Fiona Drennan | Prior to closing | February 27, 2023 | Complete | Listing of ADSs (each representing 1 ordinary share); CUSIP 83472R 109
D-2 | FINRA no-objection letter regarding underwriting terms and compensation | Keystone Mercer & Co., LLC / Pellwick Raine LLP | Meg Hollister / Harrison Blake | Prior to effectiveness | February 24, 2023 | Complete | Confirmation that FINRA has no objection to underwriting discount of 6.5% and other underwriting arrangements
D-3 | Irish Companies Registration Office (CRO) filings — special resolution amending authorized share capital | Solstice / Irish counsel | Fiona Drennan | Prior to closing | February 15, 2023 | Complete | CRO No. 587412; amendment to 100,000,000 ordinary shares at €0.01 nominal value per Irish Companies Act 2014
D-4 | Irish CRO filing — return of allotments (Form B5) for ordinary shares issued in IPO | Solstice / Irish counsel | Fiona Drennan | Within 30 days of closing | Pending (due April 20, 2023) | Pending | 7,666,667 new ordinary shares allotted; post-IPO shares outstanding: 35,666,667
D-5 | Good standing certificate / certificate of incorporation on a going concern basis — Solstice Biomedical Devices Limited (Ireland) | Solstice / Irish counsel | Fiona Drennan | March 21, 2023 | March 21, 2023 | Complete | Issued by CRO confirming company in good standing
D-6 | Certificate of good standing — Solstice Surgical Inc. (Delaware) | Solstice Surgical Inc. | Ronan McBride | March 21, 2023 | March 21, 2023 | Complete | Delaware corporation; EIN 87-4231568; wholly owned subsidiary; address: 200 West Adams Street, Suite 1100, Chicago, IL 60606
D-7 | DTC eligibility confirmation for ADSs | Meridian Trust Company, N.A. | Thomas Crenna | Prior to closing | March 15, 2023 | Complete | ADSs eligible for book-entry settlement through DTC
D-8 | Evidence of FDA 510(k) clearance — NeuroPath™ Guided Navigation System | Solstice | Fiona Drennan | Prior to effectiveness | Provided with DRS | Complete | 510(k) No. K211847; clearance date June 14, 2021
D-9 | Evidence of FDA IDE approval — OrthoSync™ Intraoperative Imaging Platform | Solstice | Fiona Drennan | Prior to effectiveness | Provided with DRS | Complete | IDE No. G220035; approved September 2, 2022; pivotal trial enrollment ongoing at 6 U.S. sites
D-10 | Evidence of CE Mark — NeuroPath™ (MDD/MDR transition) | Solstice | Fiona Drennan | Prior to effectiveness | Provided with DRS | Complete | CE Mark valid through May 2025
[sheet: E - Funds Flow]
Item No. | Description | Amount | Responsible Party | Key Contact | Due Date | Delivery Date | Status | Notes
E-1 | Gross proceeds from sale of 7,666,667 ADSs (including full exercise of overallotment) at $11.0769 per ADS | $85,000,000 | Keystone Mercer & Co., LLC | Meg Hollister | March 21, 2023 | March 21, 2023 | Complete | Total ADSs: 6,666,667 firm + 1,000,000 overallotment
E-2 | Less: Underwriting discount (6.5% of gross proceeds) | ($5,525,000) | Keystone Mercer & Co., LLC | Meg Hollister | March 21, 2023 | March 21, 2023 | Complete | $85,000,000 × 6.5% = $5,525,000; retained by underwriters
E-3 | Net proceeds before expenses | $79,475,000 | — | — | — | — | — | $85,000,000 − $5,525,000 = $79,475,000
E-4 | Less: Estimated offering expenses (excluding underwriting discount) | ($3,200,000) | Solstice / Calderwood & Harkness LLP | Ronan McBride / Eric Johannsen | March 21, 2023 | March 21, 2023 | Complete | Includes SEC filing fees, Nasdaq listing fee, FINRA fee, printing, legal fees, accounting fees, D&O insurance, transfer agent fees, miscellaneous
E-5 | Net proceeds to issuer (after all expenses) | $76,275,000 | — | — | — | — | — | $79,475,000 − $3,200,000 = $76,275,000
E-6 | Wire transfer of net proceeds from escrow to Solstice Biomedical Devices Limited account | $76,275,000 | Northvale Fiduciary Services LLC (escrow agent) | Angela Morse | March 21, 2023 | March 21, 2023 | Complete | Funds released from escrow upon satisfaction of all closing conditions; wired to Solstice's designated account
E-7 | Wire transfer of underwriting discount to Keystone Mercer & Co., LLC (for distribution to syndicate) | $5,525,000 | Northvale Fiduciary Services LLC | Angela Morse | March 21, 2023 | March 21, 2023 | Complete | Distributed among Keystone Mercer (lead bookrunner), Ridgeline Capital Markets, Inc. (co-manager), and Broadleaf Partners LLC (co-manager)
E-8 | Confirmation of receipt of funds — Solstice Biomedical Devices Limited | $76,275,000 | Solstice | Ronan McBride (CFO) | March 21, 2023 | March 21, 2023 | Complete
E-9 | Funds flow memorandum — executed by all parties | — | Calderwood & Harkness LLP / Pellwick Raine LLP | Eric Johannsen / Harrison Blake | March 21, 2023 | March 21, 2023 | Complete | Details all wire instructions and amounts

[sheet: Cover]

Record

Parties

Dates

Amounts