Viveon Health Acquisition in a press release said stockholders voted to adjourn the meeting and a planned vote on merging with Suneva Medical until Feb. 3 at noon.
The SPAC said further redemptions came to nearly 1.8 million shares (which would be redeemed only upon the completion of the business combination). As of Jan. 24 there is approximately $19.68 million in the SPAC’s trust.
If the lastest round of redemptions goes through without reversals, the SPAC would have about $490,000 left in trust. That, plus a $10 million PIPE still wouldn’t cover the $30 million minimum cash condition to close. That minimum was lowered from $50 million last July. When announced a year ago, the deal had a pro forma equity value of $511 million.
Suneva is based in San Diego, CA, and develops regenerative aesthetics solutions. Read more.
