Vision Sensing Acquisition Terminates One Deal, Signs Letter of Intent on Another

Dow Jones08-23

By Connor Hart

Vision Sensing Acquisition Corp. has terminated one of its in-the-works deals and shifted focus to another.

The New York special purpose acquisition company said Thursday it mutually agreed with Mediforum, a biotechnology company, to break off a merger agreement on the basis that it would not be possible to complete the proposed transaction within a reasonable period of time. The companies have waived any claims against each other.

At the same time, Vision Sensing announced it has entered a non-binding letter of intent with Convergence CT to fully acquire the software company.

The total consideration provided to CCT's equity holders will be $135 million, paid by an initial upfront equity transfer of $110 million to existing shareholders, as well as payment of an additional 2.5 million earn-out shares into a trust account.

A new company will be formed in a to-be-determined offshore jurisdiction to become the publicly traded holding company for the merged corporation. Details of the final structure will be determined prior to the signing of a binding agreement, expected to be completed within 45 days.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 22, 2024 17:49 ET (21:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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