In SPAC news this week, Suneva Medical and Viveon Health Acquisition Corp. announced that they have entered into a definitive merger agreement.
SUNEVA, VIVEON HEALTH MERGER: Suneva Medical and Viveon Health Acquisition Corp. (VHAQ) announced that they have entered into a definitive merger agreement. Upon completion of the transaction, the combined company's securities are expected to be traded on the NYSE under the symbol (RNEW). The pro forma equity valuation of the combined company is expected to be approximately $511M. VHAQ raised approximately $201M in connection with its IPO, which is now held in a trust account at Morgan Stanley with Continental Stock Transfer & Trust Company acting as trustee.
Under the terms of the proposed transaction, VHAQ will issue 25M shares to current security holders of Suneva. Current Suneva security holders may also receive up to 12M earn out shares - 4M shares if the volume weighted average share price over any twenty trading days during a thirty day period exceeds $12.50 before the second year anniversary of the closing; 4M shares if the volume weighted average share price over any twenty trading days during a thirty day period exceeds $15.00 before the third year anniversary of the closing; and 4M shares if the volume weighted average share price over any twenty trading days during a thirty day period exceeds $17.50 before the five year anniversary of the closing. Furthermore, VHAQ's sponsor agreed to shift approximately 1.4M of its currently held sponsor shares to earn out shares and approximately 5.1M of its currently held sponsor warrants to earn out warrants, subject to same terms as company Earn Out Shares. The transaction, which has been approved by the Boards of Directors of Suneva and Viveon Health, is subject to approval by Suneva's stockholders, Viveon Health's stockholders and other customary closing conditions. The proposed business combination is expected to be completed in the first half of 2022.
WAG LABS SAID IN SPAC TALKS: Dog-walking startup Wag Labs is in discussions to go public through a combination with CHW Acquisition Corp. (CHWA), a special purpose acquisition company, Bloomberg's Gillian Tan reports, citing people with knowledge of the matter. The SPAC is in talks to raise funds for a PIPE to support the deal with Wag, the author says, noting that the combined entity is slated to have an enterprise valued of roughly $350M.
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