Vision Sensing Acquisition said it intends to extend its completion deadline from April 3 to May 3, and will deposit $60,000 into trust as consideration to shareholders for the additional time. This marks the fourth of up to six one-month extensions available to the SPAC, which has a $250 million deal pending with Mediforum.
The target is a biomedical company developing treatments for Alzheimer’s and memory enhancement. The merger consideration is $250 million in stock. If the deal is approved, the combined company intends to list on the Nasdaq.
Established in 2015, Mediforum is headquartered in Seoul, South Korea.
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 prior extension vote last May.
The SPAC had raised $101.2 million in a November 2021 IPO. Read more.
