Vision Sensing Acquisition Corp. (VSAC) Postpones Extension Vote
Vision Sensing Acquisition Corp. (NASDAQ: VSAC) announced that it has postponed its special meeting, originally scheduled to be held on Thursday, April 27, until 9:00 a.m. EST on Monday, May 1.
In connection with the postponement, VSAC has extended its redemption deadline to 5:00 p.m. EDT on Thursday, April 27, 2023.
At the upcoming meeting, VSAC stockholders will vote on a proposal to extend the SPAC’s completion deadline from May 3 to November 3. If the proposal is approved, VSAC can obtain up to six 1-month extensions to the deadline to complete a business combination provided that its sponsor will deposit into the trust the lesser of $100,000 or $0.045 per share for each one-month extension.
If VSAC’s stockholders do not approve the extension, then VSAC will be required to liquidate on May 3.
The SPAC also noted that a 1% U.S. federal excise tax could be imposed on them in connection with redemptions. For the avoidance of doubt, the proceeds placed in Vision Sensing’s trust and the interest earned thereon will not be used to pay for any excise tax due.
Vision Sensing announced its $380 million business combination with chip-maker Newsight in August 2022. Ness Ziona, Israel-based Newsight has developed a series of lidar and spectral imaging products that serve applications in the automotive, manufacturing and medical sectors.