Northview Acquisition in a filing said shareholders voted unanimously to extend the SPAC’s deadline by six months, up to September. The SPAc will deposit 5 cents a share into trust for each month required.
The SPAC disclosed that 395,394 shares were redeemed, with 5,931,825 shares of remaining outstanding. Of those remaining shares, 738,075 were issued in Northview’s initial public offering.
The SPAC has a merger agreement with Profusa. Based in Emeryville, CA, the target is a digital health company.
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.
