Nova Vision Acquisition Corp. Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination to August 10, 2024

Rhea-AI Summary

Nova Vision Acquisition Corp. (NASDAQ: NOVV) announced on July 09, 2024, that its sponsor, Nova Pulsar Holdings , deposited $69,763.37 into the company’s trust account to extend the deadline for completing a business combination by one month, from July 10 to August 10, 2024. This corresponds to approximately $0.045 per share issued at the initial public offering that remains unredeemed. A promissory note was issued to the sponsor for the deposited amount, bearing no interest and convertible into the company's units at $10.00 per unit upon the closing of a business combination. Nova Vision aims to merge with companies in fintech, proptech, consumertech, and related sectors.

Singapore, July 09, 2024 (GLOBE NEWSWIRE) -- Nova Vision Acquisition Corp. (NASDAQ: NOVV, the “Company”), a special purpose acquisition company, announced today that Nova Pulsar Holdings Limited, the Company’s initial public offering sponsor (“Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $69,763.37 (representing approximately $0.045 per ordinary share issued at the Company’s initial public offering that has not been redeemed), in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from July 10, 2024 to August 10, 2024. The Company issued a promissory note to Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the Company’s units (with each unit consisting of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company’s initial business combination) at a price of $10.00 per unit at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination.

About Nova Vision Acquisition Corp.

Nova Vision Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Nova Vision Acquisition Corp. anticipates target companies that focus in the fintech, proptech, consumertech, and supply chain management industries or technology companies that serve these or other sectors.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:
Nova Vision Acquisition Corp.
Investor Relations
info@novavisionacquisition.com

FAQ

What extension has Nova Vision Acquisition Corp. announced for their business combination?

Nova Vision Acquisition Corp. announced an extension from July 10, 2024, to August 10, 2024.

How much money did Nova Pulsar Holdings deposit for the extension?

Nova Pulsar Holdings deposited $69,763.37.

What is the purpose of Nova Vision Acquisition Corp.’s recent extension?

The extension provides additional time to complete a business combination.

How much is the deposit per share for the extension announced by Nova Vision Acquisition Corp.?

The deposit is approximately $0.045 per ordinary share.

When was the extension announcement for Nova Vision Acquisition Corp. made?

The announcement was made on July 09, 2024.

What is the ticker symbol for Nova Vision Acquisition Corp.?

The ticker symbol for Nova Vision Acquisition Corp. is NASDAQ: NOVV.

What type of companies is Nova Vision Acquisition Corp. targeting for business combinations?

Nova Vision is targeting companies in fintech, proptech, consumertech, and related sectors.

What are the terms of the promissory note issued by Nova Vision Acquisition Corp.?

The promissory note bears no interest and is convertible into the company's units at $10.00 per unit upon closing a business combination.