Viveon Health (NYSE:VHAQ) has adjourned its special meeting to complete its transaction with Suneva Medical until 12 pm ET February 3.
The SPAC noted that it received requests to redeem 1,798,631 shares in connection with the vote out of 1,844,774 public shares it had remaining. This would remove about $19.19 million from the $19.68 million it had remaining its trust account.
Viveon pulled together a $10 million PIPE to support the transaction but this would not be enough meet the deal’s $30 million minimum cash condition, which was itself lowered from $50 million in a July 2022 amendment.
San Diego-based Suneva produces a line of anti-aging products and medical devices for cosmetic procedures. It expected to generate about $50 million in revenue in 2022 at the time of the deal’s announcement.
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