Vision Sensing Acquisition Corp. Announces Intention to Extend the Period to Consummate Its Initial Business Combination to September 3, 2024
Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW), a special purpose acquisition company, has announced its intention to extend the deadline for completing its initial business combination from August 3, 2024, to September 3, 2024. This marks the fourth of up to six one-month extensions authorized under the company's amended certificate of incorporation. To facilitate this extension, the company's sponsor, Vision Sensing, , plans to deposit $51,016.10 into the trust account by July 3, 2024. In return, the company will issue a non-interest bearing, unsecured promissory note to the sponsor. This extension is aimed at providing additional time for Vision Sensing to complete its initial business combination, which is currently planned with Mediforum Co. , a Korean company, under an Agreement and Plan of Merger dated January 12, 2024.
Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW), una società di acquisizione per scopi speciali, ha annunciato la sua intenzione di estendere il termine per completare la sua combinazione aziendale iniziale dal 3 agosto 2024 al 3 settembre 2024. Questo segna il quarto di un massimo di sei prolungamenti di un mese autorizzati sotto il certificato di incorporazione modificato della società. Per facilitare questa estensione, lo sponsor della società, Vision Sensing, prevede di deporre $51,016.10 nel conto fiduciario entro il 3 luglio 2024. In cambio, la società emetterà una cambiale non garantita e senza interessi a favore dello sponsor. Questa estensione ha lo scopo di fornire ulteriore tempo a Vision Sensing per completare la sua combinazione aziendale iniziale, attualmente pianificata con Mediforum Co., una società coreana, ai sensi di un Accordo e Piano di Fusione datato 12 gennaio 2024.
Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW), una empresa de adquisición de propósito especial, ha anunciado su intención de extender la fecha límite para completar su combinación empresarial inicial del 3 de agosto de 2024 al 3 de septiembre de 2024. Esto marca la cuarta de hasta seis extensiones mensuales autorizadas bajo el certificado de incorporación enmendado de la compañía. Para facilitar esta extensión, el patrocinador de la compañía, Vision Sensing, planea depositar $51,016.10 en la cuenta fiduciaria antes del 3 de julio de 2024. A cambio, la empresa emitirá una nota promisoria no garantizada y sin intereses al patrocinador. Esta extensión está destinada a proporcionar tiempo adicional para que Vision Sensing complete su combinación empresarial inicial, que actualmente está planeada con Mediforum Co., una empresa coreana, bajo un Acuerdo y Plan de Fusión fechado el 12 de enero de 2024.
비전 센싱 인수 주식회사(Vision Sensing Acquisition Corp., NASDAQ: VSACU, VSAC, VSACW)는 특별 목적 인수 회사로서 초기 사업 결합 완료 기한을 2024년 8월 3일에서 2024년 9월 3일로 연장할 계획임을 발표했습니다. 이는 회사의 수정된 설립 증명서에 따라 허가된 최대 6회까지의 1개월 연장 중 4번째입니다. 이 연장을 위해 회사의 스폰서인 비전 센싱은 2024년 7월 3일까지 $51,016.10을 신탁 계좌에 예치할 계획입니다. 그 대가로 회사는 스폰서에게 무이자 비담보 약속어음을 발행할 것입니다. 이 연장은 비전 센싱이 현재 2024년 1월 12일에 체결된 합병 약정에 따라 한국의 메디포럼 주식회사와 예정된 초기 사업 결합을 완료할 수 있는 추가 시간을 제공하기 위한 것입니다.
Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW), une société d’acquisition à but spécial, a annoncé son intention de prolonger la date limite pour finaliser sa première combinaison d’affaires du 3 août 2024 au 3 septembre 2024. Cela marque la quatrième des jusqu’à six prolongations d’un mois autorisées par l’acte de constitution modifié de l’entreprise. Pour faciliter ce prolongement, le sponsor de la société, Vision Sensing, prévoit de dépôt 51 016,10 $ sur le compte fiduciaire d’ici le 3 juillet 2024. En retour, la société émettra une note promissoire non garantie et sans intérêt au sponsor. Ce prolongement vise à fournir un temps supplémentaire à Vision Sensing pour finaliser sa combinaison d’affaires initiale, qui est actuellement prévue avec Mediforum Co., une entreprise coréenne, sous un Accord et Plan de Fusion daté du 12 janvier 2024.
Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW), ein spezielle Akquisitionsgesellschaft, hat ihre Absicht bekannt gegeben, die Frist für den Abschluss ihrer ersten Unternehmensfusion vom 3. August 2024 auf den 3. September 2024 zu verlängern. Dies stellt die vierte von bis zu sechs einmonatigen Verlängerungen dar, die unter dem geänderten Gesellschaftsvertrag des Unternehmens genehmigt wurde. Um diese Verlängerung zu ermöglichen, plant der Sponsor des Unternehmens, Vision Sensing, 51.016,10 $ auf das Treuhandkonto einzuzahlen bis zum 3. Juli 2024. Im Gegenzug wird das Unternehmen eine unbesicherte, zinslose Schuldanerkennung an den Sponsor ausstellen. Diese Verlängerung soll zusätzliche Zeit bieten, damit Vision Sensing seine erste Unternehmensfusion abschließen kann, die derzeit in Zusammenarbeit mit Mediforum Co., einem koreanischen Unternehmen, im Rahmen eines am 12. Januar 2024 datierten Fusionsvertrags geplant ist.
- Extension provides additional time to complete the initial business combination
- Sponsor's willingness to provide additional funding demonstrates commitment to the deal
- Need for multiple extensions may indicate challenges in closing the business combination
- Additional funding through promissory note could increase financial obligations
NEW YORK, July 31, 2024 (GLOBE NEWSWIRE) -- Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW) (the “Company”) a special purpose acquisition company, announced today that it has notified Continental Stock Transfer & Trust Company that it intends to extend the date by which the Company must consummate its initial business combination from August 3, 2024, to September 3, 2024, and that its sponsor, Vision Sensing, LLC, intends to deposit into the Company’s trust account an aggregate of
The Extension provides the Company with additional time to complete its initial business combination. The Company is party to an Agreement and Plan of Merger dated January 12, 2024 (the “Mediforum Business Combination Agreement”) with Mediforum Co. Ltd., a Korean company (“Mediforum”).
About Mediforum
Mediforum Co., Ltd is a leading Korean biotechnology company established in 2015, headquartered in Seoul, Korea and led by a management team that has a deep understanding of the biotech industry and a proven track record of success. Mediforum’s mission is to enhance the quality of life for those facing conditions like Alzheimer's disease (AD) and neuropathic pain. With a diverse portfolio, including anti-dementia medications and health functional foods, our flagship product, PM012, is currently in Phase 2b trials for Alzheimer's disease (AD), with plans for subsequent Phase 3 trials in Korea and the U.S. PM012 also explores indications for Parkinson’s disease (PD) and stroke. Addressing the non-narcotic therapies, MF018 is in Phase 2 for Chemotherapy-Induced Peripheral Neuropathy (CIPN), with Phase 3 trials planned. Its versatility extends to Diabetic Peripheral Neuropathy (DPN). As Mediforum anticipate its listing on NASDAQ, Mediforum is poised to become the first Korean biotech on this global platform, solidifying their commitment to technology, innovation, and transformative healthcare solutions. For more information, please visit: http://gmediforum.com/us.
Norwich Capital Limited and American General Business Association & SME Overseas IPO Capital Group are acting as the Lead Advisor and Co-Advisor for Mediforum, Loeb & Loeb LLP is acting as the US Legal Counsel to Mediforum and Next Law LLP is acting as the Korean Legal Counsel to Mediforum.
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 a private technology company.
EF Hutton, division of Benchmark Investments, LLC, is serving as Capital Market Advisor to VSAC and ARC Group Limited is serving as Financial Advisor to VSAC.
Forward-Looking Statements
This press release contains, and certain oral statements made by representatives of VSAC, Mediforum, and their respective affiliates, from time to time may contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. VSAC’s and Mediforum’s actual results may differ from their 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, VSAC’s and Mediforum’s expectations with respect to future performance and anticipated financial impacts of the business combination, the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of VSAC or Mediforum and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed business combination; (2) the outcome of any legal proceedings that may be instituted against VSAC or Mediforum following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the business combination, including due to failure to obtain approval of the shareholders of VSAC or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from insurance regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company’s ordinary shares on Nasdaq following the business combination; (7) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; (8) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the business combination; (10) changes in applicable laws or regulations; (11) the possibility that Mediforum or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Form S-4 or Form F-4 filed by VSAC (when available) relating to the business combination, including those under “Risk Factors” therein, and in other filings with the Securities and Exchange Commission (“SEC”) made by VSAC and Mediforum. VSAC and Mediforum caution that the foregoing list of factors is not exclusive. VSAC and Mediforum caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither VSAC or Mediforum undertakes or accepts 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, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.
Additional Information and Where to Find It
In connection with the proposed transaction, the Mediforum Business Combination Agreement calls for VSAC and Mediforum to cause a registration statement on Form F-4 or S-4 to be filed with the SEC, which will include a proxy statement to be distributed to VSAC's stockholders in connection with VSAC's solicitation for proxies for the vote by VSAC's stockholders in connection with the proposed transaction and other matters as described in the registration statement, as well as a prospectus relating to Mediforum’s securities to be issued in connection with the proposed transaction. VSAC’s stockholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, in connection with VSAC’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed transaction, because these documents will contain important information about VSAC, Mediforum, and the proposed transaction. After the registration statement is filed and declared effective, VSAC will mail a definitive proxy statement and other relevant documents to its stockholders as of the record date to be established for voting on the proposed transaction. Stockholders may also obtain a copy of the preliminary and definitive proxy statement/prospectus to be included in the registration statement, once available, as well as other documents filed with the SEC regarding the proposed transaction and other documents filed with the SEC, without charge, at the SEC’s website located at www.sec.gov.
Participants in the Solicitation
VSAC, Mediforum, and their respective directors, executive officers, and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from VSAC’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of VSAC's stockholders in connection with the proposed transaction will be set forth in the proxy statement/prospectus included in the Registration Statement to be filed with the SEC in connection with the proposed transaction. You can find more information about VSAC's directors and executive officers in VSAC’s final prospectus related to its initial public offering. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Stockholders, potential investors, and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the potential transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of VSAC, Mediforum or the combined company, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
FAQ
What is the new deadline for Vision Sensing Acquisition Corp (VSAC) to complete its initial business combination?
How much money is Vision Sensing's sponsor depositing for the extension?
How many extensions has Vision Sensing Acquisition Corp (VSAC) used so far?
Who is Vision Sensing Acquisition Corp (VSAC) planning to merge with?
