Vision Sensing Acquisition in an 8-K said its shareholders yesterday approved a deadline extension from May 3 to Nov. 3 in monthly intervals. However, redemptions erased about 865% of the SPAC’s trust.
Vision Sensing had 13,122,700 shares outstanding going into the vote; 8,507,492 shares were redeemed. Based on those figures the SPAC now has about $36 million in trust.
The SPAC has a merger agreement with Israel-based Newsight Imaging, semiconductor company that develops 3D machine vision sensors and spectral vision chips.
As announced in August, the deal had a pro forma enterprise value of $380 million.
In addition to the SPAC’s cash in trust, proceeds may also potentially include up to $40 million in pre-transaction financing, a PIPE, or other alternatives, Vision Sensing has said in previous regulatory filings. Read more.
