Nova Vision Acquisition in an 8-K said it will issue $45 million in stock to merger partner Real Messenger, down 40% from the $75 million on the table whern the deal was announced in March.
The closing payment shares consist of 3.6 million Class B shares and 900,000 Class A shares.
The SPAC also removed a provision for earnout shares and set an outside closing date on the deal of Oct. 10.
Nova Vision raised $57.5 million in an IPO two years ago, although redemptions since then have reduced the cast in trust to about $16.4 million.
Nova Vision is seeking to raise $20 million from a PIPE to support the Real Messenger transaction.
Through the use of social network and domain-specific proprietary AI-trained data, REAL will offer an internationally universal platform for real estate transactions. By combining dynamic data with static data, the company’s AI engine can help to unlock new insights, determine workflows and improve decision-making and productivity at every step of the real estate journey, according to a press release. REAL Messenger’s social app and the ecosystem that it enables are now available in 35 countries. Read more.
