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.
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...
October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....
Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...
Mercato Partners (NASDAQ:MPRA) closed its combination with Brazilian software firm Nuvini this afternoon and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “NVNI” and “NVNIW” on October 2. The combined company will continue to be led by its existing CEO and a seven-member Board including Mercato CEO Dr....