Future Vision II Acquisition Corp. Announces Entering into Amendment No. 1 to Merger Agreement with Viwo Technology Inc.
Future Vision II Acquisition Corp. (NASDAQ: FVNNU) and Viwo Technology Inc. announced Amendment No. 1 to their Merger Agreement on December 10, 2024. The amendment introduces a lock-up agreement for pre-Business Combination Viwo shareholders regarding Future Vision shares received from the Business Combination.
The lock-up terms include a performance-based release mechanism spanning 2-3 years. Shares can be released after two years if Viwo Inc. achieves 20% audited gross revenue growth in the first year and 30% growth in the second year (24.96% compound growth). If these targets aren't met, the lock-up extends to three years, requiring 126.2% gross revenue growth (28.46% compound growth). Alternatively, shareholders can forfeit 10% of their Consideration Shares after the third fiscal year to release the lock-up.
Future Vision II Acquisition Corp. (NASDAQ: FVNNU) e Viwo Technology Inc. hanno annunciato l'Emendamento n. 1 al loro Accordo di Fusione il 10 dicembre 2024. L'emendamento introduce un accordo di lock-up per gli azionisti di Viwo antecedenti alla Combinazione Aziendale riguardo le azioni di Future Vision ricevute dalla Combinazione Aziendale.
Le condizioni del lock-up includono un meccanismo di rilascio basato sulla performance che si estende da 2 a 3 anni. Le azioni possono essere rilasciate dopo due anni se Viwo Inc. raggiunge un 20% di crescita certificata dei ricavi lordi nel primo anno e un 30% di crescita nel secondo anno (24,96% di crescita composta). Se questi obiettivi non vengono raggiunti, il lock-up si estende a tre anni, richiedendo un 126,2% di crescita dei ricavi lordi (28,46% di crescita composta). In alternativa, gli azionisti possono rinunciare al 10% delle loro Azioni di Considerazione dopo il terzo anno fiscale per liberare il lock-up.
Future Vision II Acquisition Corp. (NASDAQ: FVNNU) y Viwo Technology Inc. anunciaron la Enmienda No. 1 a su Acuerdo de Fusión el 10 de diciembre de 2024. La enmienda introduce un acuerdo de bloqueo para los accionistas de Viwo anteriores a la Combinación Empresarial con respecto a las acciones de Future Vision recibidas de la Combinación Empresarial.
Los términos del bloqueo incluyen un mecanismo de liberación basado en el rendimiento que abarca de 2 a 3 años. Las acciones se pueden liberar después de dos años si Viwo Inc. logra un 20% de crecimiento auditado de los ingresos brutos en el primer año y un 30% de crecimiento en el segundo año (24.96% de crecimiento compuesto). Si no se cumplen estos objetivos, el bloqueo se extiende a tres años, requiriendo un 126.2% de crecimiento de los ingresos brutos (28.46% de crecimiento compuesto). Alternativamente, los accionistas pueden renunciar al 10% de sus Acciones de Consideración después del tercer año fiscal para liberar el bloqueo.
Future Vision II Acquisition Corp. (NASDAQ: FVNNU)와 Viwo Technology Inc.는 2024년 12월 10일에 합병 계약 수정안 제1호를 발표했습니다. 이 수정안은 비즈니스 조합 이전의 Viwo 주주에 대한 Future Vision의 주식에 대한 잠금 계약을 도입합니다.
잠금 조건에는 2-3년에 걸친 성과 기반 해제 메커니즘이 포함됩니다. Viwo Inc.가 첫 해에 20%의 감사된 총 매출 성장을 달성하고 두 번째 해에 30% 성장을 달성할 경우, 2년 후에 주식이 해제될 수 있습니다 (24.96% 복합 성장). 이러한 목표가 달성되지 않으면, 잠금 기간은 3년으로 연장되며 126.2%의 총 매출 성장 (28.46% 복합 성장)이 요구됩니다. 대안으로, 주주들은 세 번째 회계 연도 이후 10%의 보상 주식을 포기하여 잠금을 해제할 수 있습니다.
Future Vision II Acquisition Corp. (NASDAQ: FVNNU) et Viwo Technology Inc. ont annoncé le 10 décembre 2024 l'Amendement n° 1 à leur Accord de Fusion. L'amendement introduit un accord de verrouillage pour les actionnaires de Viwo avant la combinaison d'affaires concernant les actions de Future Vision reçues de la combinaison d'affaires.
Les termes du verrouillage incluent un mécanisme de libération basé sur la performance s'étendant sur 2 à 3 ans. Les actions peuvent être libérées après deux ans si Viwo Inc. réalise une croissance des revenus bruts vérifiée de 20% lors de la première année et une croissance de 30% lors de la deuxième année (24,96% de croissance composée). Si ces objectifs ne sont pas atteints, le verrouillage s'étend à trois ans, nécessitant une croissance des revenus bruts de 126,2% (28,46% de croissance composée). Alternativement, les actionnaires peuvent renoncer à 10% de leurs Actions de Contrepartie après la troisième année fiscale pour libérer le verrouillage.
Future Vision II Acquisition Corp. (NASDAQ: FVNNU) und Viwo Technology Inc. haben am 10. Dezember 2024 die Änderungsvereinbarung Nr. 1 zu ihrem Fusionsvertrag angekündigt. Die Änderung führt eine Lock-up-Vereinbarung für die Viwo-Aktionäre vor der Unternehmensfusion bezüglich der von der Unternehmensfusion erhaltenen Future Vision-Aktien ein.
Die Lock-up-Bedingungen umfassen einen leistungsbasierten Freigabemechanismus, der sich über 2-3 Jahre erstreckt. Die Aktien können nach zwei Jahren freigegeben werden, wenn Viwo Inc. im ersten Jahr 20% geprüfte Umsatzwachstum und im zweiten Jahr 30% Wachstum (24,96% Zusammensetzung Wachstum) erreicht. Wenn diese Ziele nicht erreicht werden, verlängert sich das Lock-up auf drei Jahre und erfordert ein 126,2% Umsatzwachstum (28,46% Zusammensetzung Wachstum). Alternativ können die Aktionäre nach dem dritten Geschäftsjahr 10% ihrer Gegenleistungsaktien aufgeben, um das Lock-up zu lösen.
- Implementation of performance-based lock-up mechanism aligns shareholder interests with company growth
- Clear revenue growth targets established: 20% Year 1, 30% Year 2, or 126.2% by Year 3
- Strategic protection against immediate share dumping post-merger
- Extended lock-up period may reduce stock liquidity for 2-3 years
- Demanding revenue growth targets must be met to release shares
- 10% share forfeiture penalty for early lock-up release
Insights
NEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Future Vision II Acquisition Corp., (NASDAQ: FVNNU) a publicly traded special purpose acquisition company (the “Future Vision”), and Viwo Technology Inc., a Cayman Islands exempted company operating its business via wholly owned entities in China (“Viwo”), today announced that, on December 10, 2024, they have entered into Amendment No. 1 to the Merger Agreement.
Amendment No. 1 to the Merger Agreement requires pre-Business Combination Viwo shareholders to enter into a lock up agreement with respect to Future Vision shares they receive from the consummation of the Business Combination. The lock up is designed to align the interests of these shareholders with the long-term growth of the post-Business Combination company, Viwo Inc.
Under the terms of the lock-up agreement, shareholders will be required to enter into a lock-up agreement, which includes a Viwo Inc. performance based release mechanism. This mechanism provides that shares are released based on the achievement of specific financial performance milestones and time-based criteria.
Key Highlights of the Lock-Up Agreement:
Company Shareholders’ shares received in connection with the consummation of the Business Combination will be locked up for two (2) or three (3) years from the Effective Time of the Business Combination if the following performance-based milestone is met by Viwo Inc.
Condition of the Two-Year Lock-Up Period
Shares will be eligible for release if Viwo Inc. achieves an audited gross revenue growth of
If Viwo Inc. does not achieve the required gross revenue growth, than the shares will be locked up for a third year.
Condition of the Three-Year Lock-Up Period:
Shares will be eligible for release if Viwo Inc. achieves an audited gross revenue growth of
Forfeiture of Shares to Release Lock Up:
Alternatively, shareholders may effect the forfeiture of
“We believe that this lock-up agreement, with its staggered release mechanism, will foster a stronger alignment between shareholders and the company’s long-term goals,” said Fidel Wang of Viwo Technology Inc. “By tying the release of shares to specific financial performance milestones, we are reinforcing our commitment to sustainable growth and value creation.”
About Viwo Technology Inc.
Viwo is an innovation-driven technology company specializing in AI and “Martech” (marketing + technology) services, as well as AI and software development services. Viwo’s mission is to drive business growth and enhance corporate value for its customers. Viwo assists customers across various industries in achieving digital upgrades and transformations, thereby creating future value. Viwo is committed to continuous technological innovation with the aim of industrializing intelligent digital technology.
About Future Vision II Acquisition Corp.
Future Vision II Acquisition Corp is a newly incorporated blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While we will not be limited to a particular industry in our identification and acquisition of a target company, we intend to focus our search on businesses within the technology, media, and telecommunications sector.
Additional Information about the Business Combination and Where to Find It
To facilitate the Business Combination, Future Vision will file a registration statement on Form S-4 (as may be amended from time to time, the “Registration Statement”) that will include a preliminary proxy statement/prospectus of Future Vision, and after the Registration Statement is declared effective, Future Vision will mail a definitive proxy statement/prospectus relating to the Business Combination to its shareholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the SEC, will contain important information about the Business Combination and the other matters to be voted upon at a meeting of Future Vision’s shareholders to be held to approve the Business Combination and related matters. This communication does not contain all of the information that should be considered concerning the Business Combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect to such matters. Future Vision and Viwo may also file other documents with the SEC regarding the Business Combination. Future Vision shareholders and other interested persons are advised to read the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, when available, as these materials will contain important information about Future Vision, Viwo, and the Business Combination.
When available, the definitive proxy statement/prospectus and other relevant materials for the Business Combination will be mailed to Future Vision shareholders as of a record date to be established for voting on the Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC’s website at www.sec.gov.
Participants in the Solicitation / No Offer or Solicitation
Future Vision, Viwo, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Future Vision shareholders in connection with the proposed Business Combination. A list of the names of the directors and executive officers of Future Vision and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.
Forward-Looking Statements
Neither Future Vision, Viwo, nor any of their respective affiliates make any representation or warranty as to the accuracy or completeness of the information contained in this Current Report on Form 8-K. This Current Report on Form 8-K is not intended to be all-inclusive or to contain all the information that a person may desire in considering the proposed Business Combination discussed herein. It is not intended to form the basis of any investment decision or any other decision in respect of the proposed Business Combination.
This Current Report on Form 8-K and the exhibits filed or furnished herewith include “forward-looking statements” made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 with respect to the proposed transactions by and among Future Vision, Merger Sub, and Viwo, including statements regarding the benefits of the transaction, the anticipated timing of the Business Combination, the business of the Company and the markets in which they operate. Actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words or phrases such as “aspire,” “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “will be,” “will continue,” “will likely result,” “could,” “should,” “believe(s),” “predicts,” “potential,” “continue,” “future,” “opportunity,” “seek,” “intend,” “strategy,” or the negative version of those words or phrases or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Future Vision’s and Viwo’s expectations with respect to future performance and anticipated financial impacts of the proposed Business Combination.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Future Vision’s and Viwo’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: general economic, financial, legal, political and business conditions and changes in domestic markets; risks related to the business of Viwo and the timing of expected business milestones; changes in the assumptions underlying the expectations of the Viwo regarding its future business; the effects of competition on the Viwo’s future business; the outcome of any legal proceedings that may be instituted against Future Vision, Viwo, and/or the combined company or others following the announcement of the proposed Business Combination and any definitive agreements with respect thereto; the inability to complete the proposed Business Combination, including, without limitation, the inability to obtain approval of the shareholders of Future Vision or to satisfy other conditions to closing; the ability to meet stock exchange listing standards in connection with and following the consummation of the proposed Business Combination; the risk that the proposed Business Combination disrupts current plans and operations of Future Vision and Viwo as a result of the announcement and consummation of the proposed Business Combination; the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; costs related to the proposed Business Combination; changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain regulatory approvals required to complete the proposed Business Combination; the Parties’ estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties set forth in the filings made by Future Vision with the SEC, including the proxy statement/prospectus that will be filed relating to the proposed Business Combination. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Future Vision and Viwo caution that the foregoing list of factors is not exclusive. Future Vision and Viwo caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Future Vision or Viwo undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
For investor and media inquiries, please contact:
Ms. Caihong Chen, CFO of Future Vision
Email: caih_chen@outlook.com
FAQ
What are the key terms of FVNNU's amended merger agreement with Viwo Technology?
What revenue growth targets must FVNNU-Viwo achieve for the two-year lock-up release?
What happens if FVNNU-Viwo doesn't meet the two-year revenue targets?
Can FVNNU-Viwo shareholders exit the lock-up agreement early?
