Viveon Health (NYSE:VHAQ) announced this afternoon that it has amended the outside closing date and reduced its minimum cash closing condition in connection to its proposed merger with aesthetic medical treatment company Suneva.
The parties amended the merger agreement today to extend the outside closing date to December 31, 2022. Additionally, Viveon and Suneva reduced the amount of parent closing cash required as a closing condition from $50 million to $30 million, net of company expenses and parent expenses and net of repayment of the $1.5 million Subordinate Convertible Promissory Note issued by Suneva to Intuitus Suneva Debt LLC.
Furthermore, the term “Parent Expenses” was amended to include Viveon operating expenses, severance payments and deferred compensation.
Viveon is funding the transaction with about $203 million from its current trust and supplemented this with a $10 million PIPE from undisclosed investors.
The SPAC initially announced the $511 million deal with D-Wave earlier this year on January 12, 2022. The San Diego-based company produces a line of anti-aging products and medical devices for cosmetic procedures.
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