Vision Sensing Acquisition said it will transfer its listing to the Nasdaq Capital Market from the Nasdaq Global. This follows a determination by the exchange earlier this year that the SPAC was out of compliance with the minimum market value requirement for the Nasdaq Global. The transition must be completed by July 15.
The SPAC last week filed a proxy seeking to extend its completion deadline to Nov. 3 so it can continue working to finalize a deal with Mediforum. The target is a biomedical company developing treatments for Alzheimer’s and memory enhancement. Established in 2015, Mediforum is headquartered in Seoul, South Korea.
The merger consideration is $250 million in stock. If the deal is approved, the combined company intends to list on the Nasdaq.
Vision Sensing in October won shareholder approval for six monthly extensions. Redemptions of 264,443 shares at that time further eroded the SPAC’s trust, which saw a loss of 65% ahead of the prior extension vote nearly a year ago.
The SPAC had raised $101.2 million in a November 2021 IPO. Read more.
