Viveon Health Acquisition received the green light to extend its merger deadline until as far as Dec. 28 without further stockholder approval.
The purpose of the extension is to give Viveon Health more time to conclude its proposed business combination with Suneva Medical. Based in San Diego, CA, Suneva develops regenerative aesthetics solutions.
With the extension 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 said it 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 in January, 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.
