Viveon Health Acquisition today in an 8-K disclosed it had “unilaterally terminated” its merger agreement with Suneva Medical, which develops regenerative aesthetics solutions.
Viveon said it will continue to seek a business combination with another operating company. The SPAC may, on a monthly basis, extend its deadline to June 30 by depositing $100,000 a month into trust.
Viveon and Suneva in July agreed to drop the minimum cash condition to $30 million from the original $50 million. When announced in January, the deal had a pro forma equity value of $511 million.
Viveon last week adjourned its shareholders meeting until today for a vote on the deal.
At the time of adjournment, the SPAC said redemptions came to 1,798,631 shares, leaving $19.68 million in trust. Read more.
Source: Viveon Health Acquisition Terminate Suneva Deal, Alleging Material Breaches of Agreement