In a definitive proxy Viveon Health Acquisition altered its original request to shareholders for a deadline extension and now seeks six more months, rather than three.
If approved, the SPAC would have until June 2023 to complete its proposed merger 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 traversed a bumpy road this year. Since its Suneva deal 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 for 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.