Vision Sensing Acquisition Corp. (NASDAQ: VSAC) announced this afternoon that it has mutually terminated its business combination with chip-maker Newsight.
The parties cited “challenging global economic conditions” as the reason for nixing the deal, without providing additional details.
Vision Sensing inked the $380 million deal with Newsight in August 2022. Vision Sensing planned to finance the deal with about $102.7 million from its trust, but saw an aggregate of 86.7% of its trust redeemed from previous extensions, leaving it with $14.9 million. The SPAC aimed to supplement this with a $30 million PIPE and $10 million in other pre-close financing, which hadn’t been finalized.
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.
Vision Sensing hasn’t indicated whether it’ll pursue another potential combination, but it hasn’t confirmed plans to liquidate either. It has until May 3, a five-month window, to identify a suitable target if it opts to proceed.
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