Lund-based startup Tendo, known for its robotic prosthetic technology, is undergoing a major restructuring following a failed capital raise. After securing only € 880 000 (SEK 10 million) out of a required SEK 20 million in the spring, Tendo has signed a letter of intent to be acquired by broadband provider Norrlands Online. The reverse acquisition will see Norrlands Online take over Tendo’s stock market listing, while Tendo’s robotic prosthetics technology will be placed into a subsidiary for sale.
Tendo’s CEO, Sofie Woge, highlighted the importance of this move in securing the company’s future.
“We have sought the best possible solution for our shareholders, and we believe this is it. Many have been with us for a long time, and we hope they find it exciting to follow Norrlands Online’s growth journey,”
said Sofie to Rapidus
Rapidus reports Tendo has faced challenges in bringing its flagship product, the Onegrip robotic glove, to market. Designed to help individuals with spinal cord injuries regain grip strength, the product had limited sales in the Nordic market. Plans for a clinical trial and CE certification were canceled due to financial constraints.
With this move the plan is for Tendo to be spun-off by the new acquirers, and become private again.
