Vision Sensing Acquisition Corp Has Mutually Agreed With Mediforum To Termination Of The Agreement And Plan Of Merger; Has Entered Into A Non-Binding Letter Of Intent To Complete A Business Combination With Convergence CT

Author: Benzinga Newsdesk | August 22, 2024 03:37pm

Agrees to Terminate Previous Agreement with Mediforum Co., Ltd.

 

• Convergence CT, Inc. ("CCT") is a provider of technologies to manage big data for the benefit of patients, communities, providers, and researchers, and specializes in smart hospital information systems and optimizing hospital workflows, leveraging proprietary technology and customized solutions, integrating IoT and AI to enhance patient care and promote global health insights.
• Vision Sensing Acquisition Corp. ("VSAC") is a NASDAQ listed special purpose acquisition company trading under the ticker symbol "VSAC."
• VSAC and CCT have agreed to a total consideration to CCT shareholders of US$135 million of which US$110 shall be paid by an initial upfront equity transfer to existing CCT shareholders with the balance subject to an earn-out based on performance.

NEW YORK, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Vision Sensing Acquisition Corp. (NASDAQ:VSACU, VSAC, VSACW))) (the "Company" or "VSAC"), has mutually agreed with Mediforum Co., Ltd. ("Mediforum") to termination of the Agreement and Plan of Merger dated as of January 12, 2024. 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.

Concurrently, VSAC is pleased to announce that it has entered into a non-binding letter of intent with Delaware incorporated Convergence CT, Inc. ("CCT") to complete a business combination between the Company and CCT pursuant to which VSAC will directly or indirectly acquire 100% of the outstanding equity of the Company in exchange for the consideration described below (the "Business Combination"). The legal transaction structure (including any pre-closing reorganization) will be determined by the Parties based on business, legal, tax, accounting, and other considerations (and, in the event the transaction structure results in a person other than VSAC being the parent listed company, references in this term sheet to the Surviving Entity will be deemed to mean such new parent company, as applicable).

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