Viveon Health Acquisition in a preliminary proxy seeks shareholder approval of a second merger deadline extension from December until March 31, 2023. The SPAC said it needs the extra time to finalize its deal with Suneva Medical, which develops regenerative aesthetics solutions.
The parties in July agreed to drop the minimum cash condition to $30 million from the original $50 million. When announced in January, the deal had a pro forma equity value of $511 million.
Viveon has navigated choppy seas this year. Since its deal with Suneva was announced, the SPAC in its annual report raised doubt about its ability to continue operating as a going concern. That was followed by an announcement Viveon had secured a loan of up to $4 million from several lenders and won shareholder approval in March of the first deadline extension, when the sponsor pumped $720,000 into the SPAC’s trust. Additional monthly deposits of $240,000 were required to continue the extension beyond June 28. Read more.
