Nova Vision Acquisition said its sponsor deposited $69,763.37 (4.5 cents a share) into trrust to extend the SPAC’s business combination deadline to July 10. Nova Vision issued a promissory note to the sponsor in the deposited amount. The note bears no interest and is convertible into the SPAC’s units at $10 each.
Nova Vision has a merger agreement with Real Messenger, a platform for real estate transactions.
The deal consideration has been tweaked several times and now stands at $50 million in stock, up from the $45 million when adjusted last August, though still down by a third from the $75 million cited at deal announcement in March 2023.
The increase to $50 million reflects a private placement of $5 million the parties secured.
Nova Vision 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. Read more.
