On July 8, 2024, Vision Sensing Acquisition Corp. (VSAC), a special purpose acquisition company (SPAC), announced that its sponsor, Vision Sensing, LLC, deposited $51,016.10 into the company’s trust account on July 2, 2024. This payment extends the deadline to consummate an initial business combination from July 3, 2024, to August 3, 2024. This marks the third of up to six one-month extensions permitted under VSAC’s amended certificate of incorporation. The extension provides VSAC more time to finalize its business combination with Mediforum Co. Ltd., a biotechnology firm established in Korea in 2015 and specializing in treatments for Alzheimer’s disease and neuropathic pain. The combination, governed by a merger agreement dated January 12, 2024, aims to introduce Mediforum’s promising products, including PM012 and MF018, to the U.S market. Mediforum is poised to become the first Korean biotech company to list on NASDAQ. Various advising entities are involved in this deal, including Norwich Capital Limited, American General Business Association & SME Overseas IPO Capital Group, Loeb & Loeb LLP for U.S. legal counsel, and Next Law LLP for Korean legal counsel. EF Hutton, division of Benchmark Investments, LLC, and ARC Group Limited are serving as Capital Market Advisor and Financial Advisor to VSAC, respectively. The press release highlights forward-looking statements, emphasizing that actual results may vary due to a wide range of risks and uncertainties.

Biotechnology, Special Purpose Acquisition Company (SPAC), Healthcare,United States, South Korea

https://www.globenewswire.com/news-release/2024/07/08/2909983/0/en/Vision-Sensing-Acquisition-Corp-Announces-Payment-of-Fee-to-Extend-Period-to-Consummate-Initial-Business-Combination-to-August-3-2024.html