Vision Sensing Acquisition Signs Letter of Intent to Merge With Convergence CT

MT Newswires Live08-23

Vision Sensing Acquisition (VSAC), a blank-check company, said late Thursday it signed a nonbinding letter of intent to merge with Convergence CT in a deal that would take Convergence public in the US.

Under the terms of the deal, the consideration provided to Convergence equity holders will be $135 million.

Vision Sensing said details of the final deal structure will be decided before signing a binding merger agreement, expected to be completed within 45 days. The merged entity is expected to trade on the Nasdaq under a new, yet-to-be-determined ticker symbol.

Vision Sensing also said the company and Mediforum mutually agreed to terminate their planned merger deal. "The parties agreed that it would not be possible for them to complete the proposed transaction within a reasonable period of time and have waived any claims against each other," the company said.

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