Viveon Health Acquisition in a proxy fining today seeks shareholder approval to extend its runway on a proposed merger with Clearday up to March 2024. If approved, the initial extension period would last until December and if the deal hasn’t closed by then, the SPAC could tack on an additional three months.
Announced in April, the deal has a pro forma equity valuation of approximately $370 million.
Clearday is transitioning from owning and operating senior-care facilities into a technology business serving the longevity care needs facing the aging US population.
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 closing.
Viveon had about $20 million on hand when the merger agreement was announced. The SPAC raised $201.25 million in a December 2020 IPO, although redemptions since then have carved out the trust.
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. Read more.
