The SPAC noted 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. This would remove about $19.19 million from the $19.68 million it had remaining its trust account.
Viveon pulled together a $10 million PIPE to support the transaction but 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.
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.