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Vision Sensing Acquisition Corp. Announces Delisting and Subsequent Liquidation

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Vision Sensing Acquisition Corp (NASDAQ: VSACU, VSAC, VSACW) announced its delisting and liquidation due to failure to complete a business combination by the required deadline. Key points:

1. The Sponsor did not deposit the extension fee by October 3, 2024.
2. VSAC will voluntarily delist from Nasdaq.
3. The company will dissolve and liquidate as per its charter.
4. Public shareholders will receive approximately $11.92 per share in redemption.
5. The trust account balance as of October 18, 2024, was about $13,515,848.07.
6. There were 1,133,691 public shares outstanding as of October 18, 2024.
7. Warrants will expire worthless.
8. The company will cease all operations except for winding up after October 21, 2024.

Vision Sensing Acquisition Corp (NASDAQ: VSACU, VSAC, VSACW) ha annunciato il suo delisting e liquidazione a causa del mancato completamento di una combinazione aziendale entro la scadenza richiesta. Punti chiave:

1. Lo Sponsor non ha depositato la tassa di estensione entro il 3 ottobre 2024.
2. VSAC si delisterà volontariamente da Nasdaq.
3. L'azienda si dissolverà e liquiderebbe secondo il suo statuto.
4. Gli azionisti pubblici riceveranno approssimativamente $11.92 per azione in rimborso.
5. Il saldo del conto fiduciario al 18 ottobre 2024 era di circa $13,515,848.07.
6. C'erano 1,133,691 azioni pubbliche in circolazione al 18 ottobre 2024.
7. I warrant scadranno senza valore.
8. L'azienda cesserà tutte le operazioni ad eccezione della liquidazione dopo il 21 ottobre 2024.

Vision Sensing Acquisition Corp (NASDAQ: VSACU, VSAC, VSACW) anunció su deslistado y liquidación debido a la falta de completar una combinación de negocios antes de la fecha límite requerida. Puntos clave:

1. El patrocinador no depositó la tarifa de extensión antes del 3 de octubre de 2024.
2. VSAC se deslistará voluntariamente de Nasdaq.
3. La empresa se disolverá y liquidará según su estatuto.
4. Los accionistas públicos recibirán aproximadamente $11.92 por acción en reembolso.
5. El saldo de la cuenta fiduciaria a partir del 18 de octubre de 2024 era de aproximadamente $13,515,848.07.
6. Había 1,133,691 acciones públicas en circulación a partir del 18 de octubre de 2024.
7. Los warrants vencerán sin valor.
8. La empresa cesará todas las operaciones excepto la liquidación después del 21 de octubre de 2024.

비전 센싱 인수 Corp (NASDAQ: VSACU, VSAC, VSACW)는 기한 내에 사업 결합을 완료하지 못한 이유로 상장 폐지 및 청산을 발표했습니다. 주요 사항:

1. 스폰서는 2024년 10월 3일까지 연장 수수료를 예치하지 않았습니다.
2. VSAC는 자발적으로 나스닥에서 상장 폐지합니다.
3. 회사는 정관에 따라 해산 및 청산됩니다.
4. 공공 주주들은 환불로 약 $11.92 주당를 받을 것입니다.
5. 2024년 10월 18일 기준 신탁 계좌 잔액은 약 $13,515,848.07였습니다.
6. 2024년 10월 18일 기준으로 1,133,691 주식이 있었고.
7. 워런트는 가치 없이 만료됩니다.
8. 회사는 2024년 10월 21일 이후 청산을 제외한 모든 운영을 중단합니다.

Vision Sensing Acquisition Corp (NASDAQ: VSACU, VSAC, VSACW) a annoncé son deslisting et sa liquidation en raison de son incapacité à finaliser une combinaison d'entreprises dans le délai imparti. Points clés :

1. Le parrain n'a pas déposé les frais de prolongation avant le 3 octobre 2024.
2. VSAC se désenregistrera volontairement de Nasdaq.
3. La société se dissoudra et sera liquidée conformément à sa charte.
4. Les actionnaires publics recevront environ $11.92 par action en rachat.
5. Le solde du compte fiduciaire au 18 octobre 2024 était d'environ $13,515,848.07.
6. Il y avait 1,133,691 actions publiques en circulation au 18 octobre 2024.
7. Les warrants expireront sans valeur.
8. La société cessera toutes ses opérations, sauf pour la liquidation, après le 21 octobre 2024.

Vision Sensing Acquisition Corp (NASDAQ: VSACU, VSAC, VSACW) hat seine Delistung und Liquidation aufgrund des Versäumnisses, eine Unternehmenszusammenführung innerhalb der vorgeschriebenen Frist abzuschließen, bekannt gegeben. Wichtigste Punkte:

1. Der Sponsor hat die Verlängerungsgebühr bis zum 3. Oktober 2024 nicht eingezahlt.
2. VSAC wird freiwillig von Nasdaq abgemeldet.
3. Das Unternehmen wird gemäß seiner Satzung aufgelöst und liquidiert.
4. Die öffentlichen Aktionäre erhalten ungefähr $11.92 pro Aktie als Rückzahlung.
5. Der Kontostand des Treuhandkontos betrug am 18. Oktober 2024 etwa $13,515,848.07.
6. Am 18. Oktober 2024 gab es 1.133.691 öffentliche Aktien im Umlauf.
7. Die Warrants verfallen wertlos.
8. Das Unternehmen stellt nach dem 21. Oktober 2024 alle Aktivitäten ein, außer der Abwicklung.

Positive
  • Public shareholders will receive approximately $11.92 per share in redemption
  • Trust account balance of $13,515,848.07 available for distribution to shareholders
Negative
  • Company failed to complete a business combination by the required deadline
  • VSAC will be delisted from Nasdaq
  • Company will dissolve and liquidate
  • Warrants will expire worthless

Insights

The delisting and liquidation of Vision Sensing Acquisition Corp. (VSAC) marks a significant negative development for the company and its investors. Key points to consider:

  • VSAC failed to secure the required extension fee, leading to its inability to pursue a business combination.
  • The company will be delisted from Nasdaq, with trading of its securities to cease shortly.
  • Shareholders will receive approximately $11.92 per share in redemption, subject to final adjustments for taxes and expenses.
  • The total trust account balance of about $13.5 million will be distributed to public shareholders.
  • Warrants will expire worthless, resulting in a complete loss for warrant holders.

This outcome is particularly disappointing for a SPAC, as it failed to identify and complete a suitable merger within its allotted timeframe. The liquidation process will return most of the initial investment to shareholders, but without the potential upside that SPAC investors typically seek. This event may contribute to broader investor skepticism about SPACs, potentially impacting the market for similar investment vehicles.

NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) --  Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW) (the “Company” or “VSAC”), a special purpose acquisition company, announced that the Sponsor, Vision Sensing LLC, did not deposit the required extension fee into the Company’s trust account at Continental Stock Transfer & Trust Company, which was due on October 3, 2024, in order to extend the date by which the Company must consummate its initial business combination from October 3, 2024, to November 3, 2024. VSAC is no longer able to pursue a business combination. Therefore, the Company will dissolve and liquidate.

Delisting of the Company

On October 8, 2024, the Company notified The Nasdaq Stock Market (“Nasdaq”) that the required extension fees were not deposited into the Company’s trust account at Continental Stock Transfer & Trust Company and that the Company seeks a voluntary delisting. The Company expects that Nasdaq will file a Form 25 with the U.S. Securities and Exchange Commission (the “Commission”) to delist its securities, and that the delisting will become effective ten days after Nasdaq files the Form 25 with the Commission to complete the delisting. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.

 Dissolution and Liquidation of the Company

The Company’s existing certificate of incorporation dated as of August 13, 2021, as most recently amended in a restated certificate of incorporation dated as of April 30, 2024 and as may be further amended (collectively, the “Existing VSAC Charter”) requires the Company to complete its initial business combination by November 3, 2024. The Company is no longer able complete the initial business combination by November 3, 2024; therefore, the Existing VSAC Charter requires the Company to, and the Company will:

(i) cease all operations except for the purpose of winding up,

(ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the Offering Shares in consideration of a per-share price, payable in cash, equal to the quotient obtained by dividing (A) the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Corporation to pay its taxes (less up to $100,000 of such net interest to pay dissolution expenses), by (B) the total number of then outstanding Offering Shares, which redemption will completely extinguish rights of the Public Stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and

(iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Board in accordance with applicable law, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Corporation’s obligations under the DGCL to provide for claims of creditors and other requirements of applicable law.

All terms above not defined herein shall have the meaning under the Existing VSAC Charter.

As of October 18, 2024, the per-share redemption price for the class A common stock of the Company was approximately $11.92 (the “Redemption Amount”) which will be further adjusted, as described below. In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest and dividend income from the Company’s trust account to pay dissolution expenses. The balance of the Company’s trust account, including the reduction for the dissolution expenses, as of October 18, 2024 was approximately $13,515,848.07. The Company is calculating taxes due for 2023 and 2024 that will be removed from the trust account prior to any Redemption Amount being paid to the holders of the Company’s public shares upon presentation of their respective share or unit certificates or other delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company. The number of remaining public shares of the Company as of October 18, 2024, 2024 was 1,133,691.

The Redemption Amount will be payable to the holders of the Company’s public shares upon presentation of their respective share or unit certificates or other delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of the Company’s public shares held in “street name,” however, will not need to take any action in order to receive the Redemption Amount. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

After October 21, 2024, the Company shall cease all operations except for those required to wind up its business.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. the Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, risks and uncertainties described in reports and other public filings with the SEC by the Company, including the Company’s Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 24, 2023 and its most recent Forms 10-Q, as filed with the SEC on May 15, 2023 and August 28, 2023. These risk factors are not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. There may be additional risks that the Company does presently know, or that the Company currently believes are immaterial, that could cause actual results to differ from those contained in the forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

About Vision Sensing Acquisition Corp.

Vision Sensing Acquisition Corp. (“VSAC”) is a Special Purpose Acquisition Company (“SPAC”) that has been established to focus on the acquisition of vision sensing technologies (“VST”) including hardware solutions (chips / modules / systems), related application software, artificial intelligence and other peripheral technologies that assist to integrate and/or supplement VST applications. For more information visit www.vision-sensing.com.

SOURCE: Vision Sensing Acquisition Corp.


FAQ

Why is Vision Sensing Acquisition Corp (VSAC) being delisted and liquidated?

VSAC is being delisted and liquidated because it failed to complete a business combination by the required deadline of November 3, 2024, and the Sponsor did not deposit the extension fee to extend the deadline.

What is the redemption amount for VSAC shareholders?

As of October 18, 2024, the per-share redemption price for VSAC's class A common stock was approximately $11.92, subject to further adjustments for taxes and dissolution expenses.

How many public shares of VSAC were outstanding as of October 18, 2024?

There were 1,133,691 public shares of Vision Sensing Acquisition Corp outstanding as of October 18, 2024.

What will happen to VSAC warrants after the liquidation?

VSAC warrants will expire worthless after the company's liquidation. There will be no redemption rights or liquidating distributions for warrant holders.

When will VSAC cease all operations except for winding up?

Vision Sensing Acquisition Corp will cease all operations except for those required to wind up its business after October 21, 2024.

Vision Sensing Acquisition Corp.

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