Vision Sensing Acquisition Corp. Announces Letter of Intent with Convergence CT, Inc.
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 customised 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 million shall be paid by an initial upfront equity transfer to existing CCT shareholders with the balance subject to an earn-out based on performance.
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).
CCT is thrilled to announce the merger with VSAC and its debut on the NASDAQ. With our recent expansions into Japan and Malaysia and integrated technology platform, we are poised for significant growth in Asia and in other parts of the world. We believe our unique integrated technological capabilities and the increasing demand within the healthcare sector for such systems have created significant opportunities for growth and profitability. Our listing on the Nasdaq Stock Exchange will provide our shareholders with increased access to capital and enhanced valuation of our business. CCT’s corporate culture, centred on technology, innovation, and leadership, underscores its commitment to transformative smart hospital solutions.
George Sobek, Chief Executive Officer of VSAC added, “We are excited about the business combination with CCT and the opportunity the transaction affords to our investors. CCT has a unique platform for service to medical professionals and their patients in the management of patient care, provision of data, and a platform to improve medical outcomes.”
For more detailed information, please visit the official Nasdaq announcement here or the PDF below.
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