2023-08-29 13:45:57 ET
SPAC Viveon Health Acquisition Corp. ( NYSE: VHAQ ) has increased the consideration for its planned merger with companion care robotics developer Clearday to $500M from $250M, payable in Viveon common stock.
The SPAC added that the amended merger agreement will also entitle holders of all Clearday common and preferred shares at the time of the merger to a pro rata portion of the earnout shares.
Under the merger deal announced in April, Clearday securities holders are entitled to receive up to 5M earnout shares if the company is profitable for a 12-month period within five years of the closing.
After the merger, shares of the combined company are expected to trade on NYSE American. Clearday shares currently trade OTC under the symbol CLRD.
Based in San Antonio, Clearday offers robotic companion care and digital services to help monitor and care for elderly patients. The company also runs care facilities for people with cognitive deficit conditions, such as Alzheimer’s disease and dementia.
Viveon had been slated to merge with Suneva Medical earlier this year. The merger was called off in early February .
More on Viveon Health Acquisition Corp.
- SPAC Viveon to merge with senior-care tech provider Clearday
- SPAC Viveon signs merger LOI with health monitoring platform Clearday
- SPAC Viveon Health delays Suneva merger vote amid cash issues
- Viveon Health gets noncompliance notice from NYSE
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SPAC Viveon ups merger consideration for Clearday to $500M