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Vision Sensing Acqn: Entered Into Non-Binding Letter of Intent With Delaware Inc Convergence CT, Inc. to Complete a Business Combination Between Co and CCT
Vision Sensing Acquisition Corp. (VSAC) has terminated its agreement with Mediforum Co., and entered into a non-binding letter of intent with Convergence CT, Inc. (CCT) for a business combination. The deal values CCT at $135 million, with $110 million paid upfront and the remainder subject to an earn-out. CCT specializes in smart hospital information systems and optimizing hospital workflows using IoT and AI. The combined company is expected to trade on NASDAQ post-closing. The transaction includes a 6-month lock-up period for issued shares and the formation of a 5-member board of directors. The parties aim to sign a binding agreement by August 31, 2024.
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