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

Rhea-AI Summary

Nova Vision Acquisition Corp. (NASDAQ: NOVV) has announced an additional contribution of $69,763.37 by its IPO sponsor, Nova Pulsar Holdings , to the company's trust account. This contribution extends the timeframe for completing a business combination from June 10, 2024, to July 10, 2024. The company issued a promissory note bearing no interest, which is convertible into units at $10.00 per unit upon the closing of a business combination. Nova Vision is a special purpose acquisition company (SPAC) aiming to merge with businesses in fintech, proptech, consumertech, and supply chain management sectors.

Positive

• Additional contribution of $69,763.37 to the trust account, ensuring financial backing.
• Extension to complete a business combination from June 10, 2024, to July 10, 2024, providing more time for strategic decisions.
• Promissory note convertible into units at $10.00 per unit, potentially advantageous upon successful completion of a business combination.

Negative

• Short extension period of only one month might indicate potential delays or uncertainties in completing a business combination.
• Dependence on promissory notes and additional contributions may point to underlying financial challenges.
• No immediate business combination finalized, which could prolong uncertainty for shareholders.

Singapore, June 10, 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 June 10, 2024 to July 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 did Nova Vision Acquisition Corp. (NOVV) announce on June 10, 2024?

Nova Vision Acquisition Corp. announced an additional contribution of $69,763.37 to its trust account, extending the period to complete a business combination to July 10, 2024.

How much did Nova Pulsar Holdings contribute to NOVV's trust account?

Nova Pulsar Holdings contributed $69,763.37 to Nova Vision Acquisition Corp.'s trust account.

What is the new deadline for NOVV to complete a business combination?

The new deadline for Nova Vision Acquisition Corp. to complete a business combination is July 10, 2024.

What is the conversion price for the promissory note issued by NOVV?

The promissory note issued by Nova Vision Acquisition Corp. is convertible into units at a price of $10.00 per unit.

Which sectors is NOVV targeting for its business combination?

Nova Vision Acquisition Corp. is targeting businesses in fintech, proptech, consumertech, and supply chain management sectors.