Viveon Health (NYSE:VHAQ) announced this morning that it has amended its combination with Clearday to double the equity consideration the target will receive to $500 million from $250 million.
This does not include options, warrants and the 5,000,000 shares Clearday shareholders may receive through an earnout if it achieves profitability over a 12-month period within five years of close.
Increasing a target’s valuation between announcement and close is relatively rare. More often, valuations go in the other direction as SPACs receive shareholder feedback and work to keep the deal attractive to investors.
Viveon Health may be less concerned about that side of the aisle as it has already experienced 91.9% redemptions through extension votes and this transaction does not have a minimum cash condition. It may now extend its deadline without further shareholder consent up to March 31, 2024.
The last major valuation bump of this kind came when Concord I boosted its valuation of crypto payments platform Circle from $4.5 billion to $9 billion in February 2022. This turned out to be unfortunate timing as the crypto market hit major headwinds shortly thereafter. The two sides terminated the deal that December, with Circle blaming a drawn-out SEC review for the collapse.
Viveon Health for its part announced this combination in April. San Antonio, Texas-based Clearday provides a suite of digital and robotics solutions aimed at providing more efficient care for seniors in assisted living facilities.
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