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.
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp. Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24 Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27. Shares will cease trading on March 24 and the per-share...
Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination. Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at...
Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m. The SPAC has also extended the redemption deadline to March 22 at 5:00 p.m. It is currently facing a completion deadline of March...