Northview Acquisition in a proxy filing seeks an additional six months to complete a deal. The proposal, if approved by shareholders, would push the SPAC;s deadline from March 22 to Sept. 22.
In return, the SPAC would arrange for the deposit of 5 cents a share into trust for each month.
The SPAC has a merger agreement with Profusa. Based in Emeryville, CA, the target is a digital health company “that is pioneering the next generation of personalized medicine via the development of novel tissue-integrated biosensors. Profusa’s technology addresses the human body’s response to the presence of foreign material, enabling long-term monitoring of various biochemical parameters in real-time.”
Estimated cash proceeds at deal announcement in November 2022 were expected to consist of NorthView’s approximately $39 million of cash in trust at that time, assuming 80% redemptions or approximately $193 million with no redemptions. However, redemptions on extension votes have since pulled the trust down to about $9.3 million.
Northview has said it may have only $5 million in trust if there are further redemptions ahead of the merger vote.
A $1 million PIPE is in place to support the deal and potentially $4.4 million more from a joint venture the parties are exploring.
Northview raised $189.75 million in a December 2021 IPO. Read more.
