Vision Sensing Acquisition said it will extend its deal deadline from March 3 to April 3 and deposit $60,000 into trust for the extra time approved by shareholders. The company has one more month it can deploy before going back to shareholders with a request for more time.
The SPAC in January announced a business combination agreement with Mediforum, a biomedical company developing treatments for Alzheimer’s and memory enhancement. The merger consideration is $250 million in stock. If the deal is approved, the combined company intends to list on the Nasdaq.
Established in 2015, Mediforum is headquartered in Seoul, South Korea.
Vision Sensing in October won shareholder approval for a deadline extension until May 3, 2024 to complete a deal. Redemptions of 264,443 shares at that time further whittled away at the SPAC’s trust, which saw a loss of 65% ahead of the last extension vote in May.
The SPAC had raised $101.2 million in a November 2021 IPO.
Vision Sensing called off a deal in December with Newsight Imaging. The SPAC is led by CEO and Chairman George Sobek, formerly with Citadel Environmental Group. Read more.
