Nova Vision Acquisition in an 8-K said it has reduced the share compensation on its deal with Real Messenger to 5 million shares, down from 6 million. Of the 5 million, 500,000 shares will be issued to holders of convertible notes issued by the company as of Oct. 4.
The SPAC had already reduced the deal consideration by 40% in August.
The outside closing date on the deal was pushed back to Dec. 31.
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.
The target offers a platform for real estate transactions. Read more.
