Vision Sensing Acquisition today announced that its sponsor will deposit $1.012 million (10 cents a unit)by Friday to extend the SPAC merger deadline until May 3. This is the SPAC’s second extension.
Vision Sensing will issue to the sponsor a non-interest bearing, unsecured promissory note in that amount.
The SPAC has a deal in hand with Israel-based Newsight Imaging, a semiconductor company that develops 3D machine vision sensors and spectral vision chips.
Announced in August, the deal has a pro forma enterprise value of $380 million.
In addition to the $102.5 million held in the SPAC’s trust (assuming no redemptions), proceeds would potentially include up to $40 million in pre-transaction financing, a PIPE, or other alternatives. Read more.
