Vision Sensing Acquisition today announced as definitive merger agreement with Israel-based Newsight Imaging Ltd., a semiconductor company that develops 3D machine vision sensors and spectral vision chips.
The deal has a pro forma enterprise value of $380 million.
In addition to the $102.5 million held in the SPAC’s trust (assuming no redemptions), proceeds would potentially include up to $40 million in pre-transaction financing, a PIPE, or other alternatives. The final amount of any pre-transaction financing, or financing for the proposed business combination to be raised is by mutual agreement and dependent on market conditions, and have not been finalized, the companies said.
Newsight’s current management and existing equity holders have agreed to roll a minimum of 95% of their equity into the combined company. Read more.
