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

Rhea-AI Summary

Nova Vision Acquisition Corp. (NASDAQ: NOVV), a special purpose acquisition company, has announced an extension to its business combination deadline. The company's sponsor, Nova Pulsar Holdings , has deposited $6,301.56 into the trust account, representing about $0.03 per ordinary share not yet redeemed from the initial public offering.

This deposit extends the period for completing a business combination by one month, from August 10, 2024, to September 10, 2024. In exchange, NOVV issued a promissory note to the sponsor, convertible into company units at $10.00 per unit upon closing a business combination. Each unit comprises one ordinary share, one warrant for half a share, and one right for a tenth of a share.

NOVV aims to merge with businesses in fintech, proptech, consumertech, and supply chain management industries or related technology sectors.

News Market Reaction

+2.76%

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+2.76% News Effect

On the day this news was published, NOVV gained 2.76%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Singapore, Aug. 12, 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 $6,301.56 (representing approximately $0.03 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 August 10, 2024 to September 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 is the new deadline for Nova Vision Acquisition Corp (NOVV) to complete a business combination?

The new deadline for Nova Vision Acquisition Corp (NOVV) to complete a business combination is September 10, 2024.

How much did Nova Vision Acquisition Corp's sponsor deposit to extend the business combination period?

Nova Vision Acquisition Corp's sponsor deposited $6,301.56 into the trust account to extend the business combination period.

What industries is Nova Vision Acquisition Corp (NOVV) targeting for a business combination?

Nova Vision Acquisition Corp (NOVV) is targeting companies in fintech, proptech, consumertech, and supply chain management industries or technology companies serving these sectors.

What is the conversion price of the promissory note issued by Nova Vision Acquisition Corp (NOVV)?

The promissory note issued by Nova Vision Acquisition Corp (NOVV) is convertible into company units at a price of $10.00 per unit at the closing of a business combination.

How long did Nova Vision Acquisition Corp (NOVV) extend its business combination period?

Nova Vision Acquisition Corp (NOVV) extended its business combination period by one month, from August 10, 2024, to September 10, 2024.