Vision Sensing Acquisition Pours $1M into Trust for 3-Month Extension on Newsight Deal

Vision Sensing Acquisition today announced that its sponsor will deposit $1.012 million (10 cents a unit)by Friday to extend the deadline until May 3. This is the SPAC's second extension.

Vision Sensing will issue to the sponsor a non-interest bearing, unsecured promissory note in that amount.

The SPAC has a deal in hand with Israel-based Newsight Imaging, 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 , or other alternatives. Read more.

Source: Vision Sensing Acquisition Pours M into Trust for 3-Month Extension on Newsight Deal