Clearday and Viveon Health Acquisition announced today that they have entered into a definitive merger agreement at a pro forma equity valuation of approximately $370 million. The parties signed an LOI last month for a potential deal.
Clearday is transitioning from owning and operating senior-care facilities into a technology business serving the massive, pressing, and expensive longevity care needs facing the aging US population.
Viveon currently has $20 million in trust.
Terms call for the SPAC to issue 25 million shares to Clearday investors, who may also receive up to an additional five million earn out shares if the company achieves profitability for a 12-month period within the first five years after the transaction closing.
Viveon in February “unilaterally terminated” a merger agreement with Suneva Medical, which develops regenerative aesthetics solutions. The decision was based on “material breaches of the merger agreement by Suneva,” the SPAC said at the time.
Viveon Health raised $201.25 million in a December 2020 IPO, although redemptions since then have carved out the trust. Read more.
