Vision Sensing Acquisition said it received notice from the Nasdaq that it faces delisting from the exchange for falling below the $50 million minimum market value rule. The SPAC intends to appeal the decision.
Vision Sensing said it has also fallen out of compliance with the minimum 400 shareholders rule and has yet to file its Form 10-Q for the period ended Sept. 30.
A hearing will delay suspension of the SPAC’s securities for 15 days.
Vision Sensing last week announced a business combination agreement with Mediforum, a biomedical company developing treatments for Alzheimer’s and memory enhancement. The merger consideration is $250 million in stock.
Vision Sensing in October won shareholder approval for a deadline extension until May 3, 2024 to complete a deal. Redemptions of 264,443 shares at that time further whittled away at the SPAC’s trust, which saw a loss of 65% ahead of the last extension vote in May.
The SPAC had raised $101.2 million in a November 2021 IPO. Read more.
