Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement.
The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to close its combination with Suneva, and in fact adjourned its completion vote seemingly in an effort to reverse some redemption decisions.
It noted at the time that it received requests to redeem 1,798,631 shares in connection with the vote out of 1,844,774 public shares it had remaining, removing about $19.19 million from the $19.68 million it had remaining its trust account.
Even with a $10 million PIPE, this would not be enough meet the deal’s $30 million minimum cash condition, which was itself lowered from $50 million in a July 2022 amendment.
The parties announced this merger over a year ago in January 2022, and Viveon is coming up on its February 28 transaction deadline. But, it may extend this up to six times by one month in exchange for monthly contributions of $100,000 to its trust, which would get it to June 30 without seeking shareholder approval for a further extension.
San Diego-based Suneva produces a line of anti-aging products and medical devices for cosmetic procedures. It expected to generate about $50 million in revenue in 2022 at the time of the deal’s announcement.
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