Vision Sensing Acquisition Corp. Announces Payment of Fee to Extend Period to Consummate Initial Business Combination to September 3, 2024
Vision Sensing Acquisition Corp. (NASDAQ: VSAC) has announced a significant development in its pursuit of an initial business combination. The company's sponsor, Vision Sensing, , has deposited $51,016.10 into the trust account to extend the deadline for completing the combination from August 3, 2024, to September 3, 2024. This marks the fourth of six possible one-month extensions allowed under the company's recently amended certificate of incorporation.
The extension is important for Vision Sensing Acquisition Corp. as it provides additional time to finalize its Business Combination with Mediforum Co. , a Korean company. This merger agreement, initially dated January 12, 2024, is now given more time for completion. The move demonstrates the company's commitment to ensuring a successful merger and highlights the complex nature of international business combinations in the SPAC sector.
Vision Sensing Acquisition Corp. (NASDAQ: VSAC) ha annunciato un importante sviluppo nella sua ricerca di una combinazione aziendale iniziale. Lo sponsor della società, Vision Sensing, ha depositato $51,016.10 nel conto fiduciario per estendere la scadenza per completare la combinazione da 3 agosto 2024 a 3 settembre 2024. Questo segna la quarta di sei possibili estensioni mensili consentite ai sensi del certificato di incorporazione recentemente modificato della società.
L'estensione è importante per Vision Sensing Acquisition Corp. poiché fornisce ulteriore tempo per finalizzare la sua combinazione aziendale con Mediforum Co., una società coreana. Questo accordo di fusione, inizialmente datato 12 gennaio 2024, ora ha a disposizione più tempo per il completamento. La mossa dimostra l'impegno della società a garantire una fusione di successo e mette in evidenza la natura complessa delle combinazioni aziendali internazionali nel settore SPAC.
Vision Sensing Acquisition Corp. (NASDAQ: VSAC) ha anunciado un desarrollo significativo en su búsqueda de una combinación empresarial inicial. El patrocinador de la empresa, Vision Sensing, ha depositado $51,016.10 en la cuenta fiduciaria para extender el plazo para completar la combinación desde el 3 de agosto de 2024 hasta el 3 de septiembre de 2024. Esto marca la cuarta de seis posibles extensiones mensuales permitidas bajo el certificado de incorporación recientemente enmendado de la empresa.
La extensión es importante para Vision Sensing Acquisition Corp. ya que proporciona tiempo adicional para finalizar su combinación empresarial con Mediforum Co., una empresa coreana. Este acuerdo de fusión, datado inicialmente el 12 de enero de 2024, ahora recibe más tiempo para su finalización. Este movimiento demuestra el compromiso de la empresa para asegurar una fusión exitosa y resalta la compleja naturaleza de las combinaciones empresariales internacionales en el sector SPAC.
Vision Sensing Acquisition Corp. (NASDAQ: VSAC)는 초기 비즈니스 조합을 추구하는 데 있어 중요한 발전을 발표했습니다. 회사의 스폰서인 Vision Sensing은 $51,016.10를 신탁 계좌에 입금하여 조합 완료 기한을 2024년 8월 3일에서 2024년 9월 3일로 연장했습니다. 이는 회사의 최근 수정된 정관에 따라 허용된 여섯 번의 월간 연장의 네 번째입니다.
이 연장은 Vision Sensing Acquisition Corp.에 매우 중요하며, Mediforum Co.와의 비즈니스 조합을 완료할 추가 시간을 제공합니다. 이 합병 계약은 원래 2024년 1월 12일로 설정되어 있었으며, 지금은 완료를 위한 추가 시간을 받게 되었습니다. 이러한 조치는 성공적인 합병을 보장하려는 회사의 의지를 보여주며, SPAC 분야에서 국제 비즈니스 조합의 복잡한 본질을 강조합니다.
Vision Sensing Acquisition Corp. (NASDAQ: VSAC) a annoncé un développement significatif dans sa recherche d'une première combinaison d'entreprise. Le sponsor de la société, Vision Sensing, a déposé $51,016.10 sur le compte fiduciaire pour prolonger le délai de finalisation de la combinaison du 3 août 2024 au 3 septembre 2024. Cela marque la quatrième de six extensions mensuelles possibles autorisées par le certificat d'incorporation récemment amendé de la société.
Cette extension est importante pour Vision Sensing Acquisition Corp. car elle offre un temps supplémentaire pour finaliser sa combinaison d'entreprise avec Mediforum Co., une entreprise sud-coréenne. Cet accord de fusion, daté initialement du 12 janvier 2024, a maintenant plus de temps pour sa réalisation. Ce mouvement démontre l'engagement de la société à assurer une fusion réussie et souligne la nature complexe des combinaisons d'entreprises internationales dans le secteur des SPAC.
Vision Sensing Acquisition Corp. (NASDAQ: VSAC) hat eine bedeutende Entwicklung bei der Verfolgung einer ersten Unternehmenszusammenführung angekündigt. Der Sponsor des Unternehmens, Vision Sensing, hat $51,016.10 auf das Treuhandkonto eingezahlt, um die Frist zur Durchführung der Zusammenführung von 3. August 2024 auf 3. September 2024 zu verlängern. Dies ist die vierte von sechs möglichen monatlichen Verlängerungen, die im Rahmen der kürzlich geänderten Satzung des Unternehmens erlaubt sind.
Die Verlängerung ist für Vision Sensing Acquisition Corp. wichtig, da sie zusätzliche Zeit bietet, um die Unternehmenszusammenführung mit Mediforum Co., einem koreanischen Unternehmen, abzuschließen. Diese Fusionsvereinbarung, die ursprünglich auf 12. Januar 2024 datiert war, erhält jetzt mehr Zeit für den Abschluss. Dieser Schritt zeigt das Engagement des Unternehmens, eine erfolgreiche Fusion sicherzustellen, und verdeutlicht die komplexe Natur internationaler Unternehmenszusammenführungen im SPAC-Sektor.
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New York, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW) (the “Company”) a special purpose acquisition company, announced today that on August 2, 2024, its sponsor, Vision Sensing, LLC, deposited
The Extension provides the Company with additional time to complete its initial business combination (the “Business Combination”) with Mediforum Co. Ltd., a Korean company (“Mediforum”), pursuant to a merger agreement dated January 12, 2024 (as it may be amended and/or restated from time to time, the “Merger Agreement”).
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, VSAC and Mediforum intend 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 did Vision Sensing Acquisition Corp.'s sponsor deposit to extend the business combination deadline?
How many extensions has Vision Sensing Acquisition Corp. (VSAC) used so far for its business combination?
Which company is Vision Sensing Acquisition Corp. (VSAC) planning to merge with?
When was the original merger agreement between Vision Sensing Acquisition Corp. (VSAC) and Mediforum Co. signed?
