Nova Vision Acquisition in an 8-K said it issued a promissory note for $85,000 to its sponsor in exchange for working capital. The note does not bear interest and matures upon the closing of a business combination by the SPAC. The note may also be converted into units at $10 each.
Nova Vision has a merger agreement with Real Messenger, a platform for real estate transactions. Terms call for Real Messenger to receive 5 million shares.
The SPAC raised $57.5 million in an IPO two years ago, although redemptions since then have reduced the cash in trust to about $16.4 million. Nova Vision is seeking to raise $20 million from a PIPE to support the Real Messenger transaction.
Nova Vision’s final monthly extension expires in July. Read more.
