Vision Sensing Acquisition said its April 27 shareholder meeting to vote on a deadline extension will be postponed until May 1. As a result, the redemption period has been extended to Thursday at 5 p.m.
If VSAC's stockholders approve the extension the SPAC can obtain up to six monthly extensions to complete its deal with Newsight Imaging — provided that VSAC's sponsor deposits the lesser of $100,000 or or 4.5 cents a share into trust.
If VSAC's stockholders do not approve the proposal the SPAC will be required to cease operations as of May 3.
Israel-based Newsight Imaging is a semiconductor company that develops 3D machine vision sensors and spectral vision chips.
Announced in August, the deal has a pro forma enterprise value of $380 million.
In addition to the $102.5 million held in the SPAC's trust (assuming no redemptions), proceeds would potentially include up to $40 million in pre-transaction financing, a pipe, or other alternatives. Read more.
Source: Vision Sensing Acquisition Postpones Extension Vote Until May 1