Viveon Health Acquisition in a news release clarified the terms of its deadline extension, which stockholders will vote on next month.
Viveon has a merger agreement with Suneva Medical, a medical technology company using regenerative medicine to change the standard of care in aesthetic treatments.
At the March 18 meeting shareholders will vote on whether to extend the SPAC’s merger deadline to June 28 from March 28 — and allow Viveon without another vote to continue extending the date for closing a deal on a monthly basis for up to six times.
If the extension is approved, Viveon will deposit $720,000 into the trust account. After June 28, for each month or portion that is needed to complete a deal — up to Dec. 28 — Viveon will deposit $240,000 into the trust account regardless of the number of remaining public shares after redemptions.
Under terms of the proposed transaction announced last month, the SPAC will issue 25 million shares to current security holders of Suneva. Suneva stockholders may also receive up to 12 million earn out shares if certain stock price thresholds are met. Read more.
