Vision Sensing Acquisition today said its sponsor deposited $60,000 into trust for an operating extension to May 3. The SPAC issued a non-interest bearing, unsecured promissory note in the same amount as consideration for the funding. This is the fifth of up to six monthly extensions that the company can deploy without another shareholder vote.
Vision Sensing 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 six monthly extensions 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.
