Viveon Health Acquisition in a regulatory filing said it received notice from the NYSE American that the exchange would begin delisting the SPAC for failure to complete a merger within 36 months of its IPO. At this time, the securities have not been suspended and will continue to trade.
Viveon said it would ask for a review of the decision by the Dec. 29 deadline.
Viveon in April announced a merger with Clearday, a longevity technology company using an integrated platform of robotic companion care and AI-driven technology to serve the senior adult care sector. Clearday is transitioning from owning and operating senior-care facilities into a technology business serving the longevity care needs facing the aging US population.
The parties in August amended the terms of their merger agreement, including an increase in the deal consideration from $250 million to $500 million (plus the aggregate exercise price for all Clearday options and warrants).
The SPAC had had about $20 million on hand when the merger was announced in April. Viveon raised $201.25 million in a December 2020 IPO, although redemptions since then have carved out the trust. Read more.
