Viveon Health Acquisition today in an 8-K disclosed it had “unilaterally terminated” its merger agreement with Suneva Medical, which develops regenerative aesthetics solutions.
Legal counsel for Viveon sent a letter informing Suneva that, effective immediately, Viveon would unilaterally terminate the merger agreement based on “material breaches of the merger agreement by Suneva.” Viveon said it has reserved all rights, claims and remedies under the agreement, against Suneva and others associated with the target “who participated in the merger discussions and arrangements.”
Viveon said it will continue to seek a business combination with another operating company. The SPAC may, on a monthly basis, extend its deadline to June 30 by depositing $100,000 a month into trust.
Viveon and Suneva 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 last week adjourned its shareholders meeting until today for a vote on the deal.
At the time of adjournment, the SPAC said redemptions came to 1,798,631 shares, leaving $19.68 million in trust. Read more.
