Vision Sensing Acquisition in an 8-K said shareholders approved a deal extension to Nov. 3.
The SPAC has a merger agreement with Mediforum, a biomedical company developing treatments for Alzheimer’s and memory enhancement. Established in 2015, Mediforum is headquartered in Seoul, South Korea.
The merger consideration is $250 million in stock. If the deal is approved, the combined company intends to list on the Nasdaq.
The SPAC reported 214,374 shares redeemed ahead of the extension vote, removing approximately $2.47 million from trust. That leaves 1,133,691 publicly held shares outstanding.
The sponsor will deposit $51,016.10 into trust for each month required under the new extension period.
Vision Sensing in October won shareholder approval for six monthly extensions. Redemptions of 264,443 shares at that time further eroded the SPAC’s trust, which saw a loss of 65% ahead of the prior extension vote nearly a year ago.
The SPAC had raised $101.2 million in a November 2021 IPO. Read more.
