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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______to_______
Commission
File Number: 001-40983
Vision
Sensing Acquisition Corp.
(Exact name of registrant as specified in its charter)
Delaware |
|
87-2323481 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
Number) |
|
|
|
Suite
500, 78 SW 7th Street
Miami,
Florida |
|
33130 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (786) 633-2520 |
|
Not
applicable |
(Former
name or former address, if changed since last report) |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically, if any, every Interactive Date File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one share of Class A Common Stock and three-quarters of one Redeemable Warrant |
|
VSACU |
|
The
Nasdaq Stock Market LLC |
Class
A Common Stock, $0.0001 par value per share |
|
VSAC |
|
The
Nasdaq Stock Market LLC |
Redeemable
Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
|
VSACW |
|
The
Nasdaq Stock Market LLC |
As
of January 2, 2024, there were 1,820,765 shares of the Company’s Class A Common Stock, $0.0001 par value per share (the “Class
A Shares”) which number includes 490,607 shares in unseparated units, and 2,530,000 of the Company’s Class B Common Stock,
$0.0001 par value per share issued and outstanding (the “Class B Shares”).
VISION
SENSING ACQUISITION CORP.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
VISION
SENSING ACQUISITION CORP.
BALANCE
SHEETs
| |
September 30,
2023 (Unaudited) | | |
December 31,
2022 (Audited) | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 8,941 | | |
$ | 71,650 | |
Other receivable | |
| - | | |
| 10,000 | |
Prepaid expense | |
| - | | |
| 28,153 | |
Cash and Marketable Securities held in trust account | |
| 18,032,091 | | |
| - | |
Total Current Assets | |
| 18,041,032 | | |
| 109,803 | |
| |
| | | |
| | |
Cash and Marketable Securities held in trust account | |
| - | | |
| 105,082,318 | |
| |
| | | |
| | |
Total Assets | |
$ | 18,041,032 | | |
$ | 105,192,121 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accrued expenses | |
$ | 125,000 | | |
$ | - | |
Account payables | |
| 1,614,340 | | |
| 640,448 | |
Working capital loan | |
| 503,750 | | |
| 333,900 | |
Extension loan | |
| 2,387,017 | | |
| 1,012,000 | |
Income tax payable | |
| 409,781 | | |
| 5,000 | |
Franchise tax payable | |
| 150,000 | | |
| 209,511 | |
Deferred underwriter commission | |
| 3,542,000 | | |
| - | |
Total Current Liabilities | |
| 8,731,888 | | |
| 2,200,859 | |
| |
| | | |
| | |
Deferred underwriter commission | |
| - | | |
| 3,542,000 | |
| |
| | | |
| | |
Total Liabilities | |
| 8,731,888 | | |
| 5,742,859 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Class A common stock subject to possible redemption; 1,612,508 shares at $10.58 per share at September 30, 2023 and 10,120,000 shares at $10.25 per share at December 31, 2022 | |
| 17,052,474 | | |
| 103,730,000 | |
| |
| | | |
| | |
Shareholders’ Deficit | |
| | | |
| | |
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 472,700 shares issued and outstanding (excluding 1,612,508 shares subject to possible redemption at September 30, 2023 and 10,120,000 shares subject to possible redemption at December 31, 2022) | |
| 47 | | |
| 47 | |
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 2,530,000 shares issued and outstanding | |
| 253 | | |
| 253 | |
Common stock, value | |
| 253 | | |
| 253 | |
Additional paid-in capital | |
| - | | |
| - | |
Accumulated deficit | |
| (7,743,630 | ) | |
| (4,281,038 | ) |
Total Shareholders’ Deficit | |
| (7,743,330 | ) | |
| (4,280,738 | ) |
Total Liabilities, Redeemable Class A Common Stock and Shareholders’ Deficit | |
$ | 18,041,032 | | |
$ | 105,192,121 | |
The
accompanying notes are an integral part of these unaudited financial statements.
VISION
SENSING ACQUISITION CORP.
STATEMENTS
OF OPERATIONS
(UNAUDITED)
| |
For the Three Months Ended September 30, 2023 | | |
For the Three Months Ended September 30, 2022 | | |
For
the Nine Months Ended September 30, 2023 | | |
For the Nine Months Ended September 30, 2022 | |
Formation and operating costs | |
$ | (255,183 | ) | |
$ | (755,596 | ) | |
$ | (1,373,041 | ) | |
$ | (1,145,828 | ) |
Franchise tax expenses | |
| (50,000 | ) | |
| (15,462 | ) | |
| (152,953 | ) | |
| (46,386 | ) |
Loss from operations | |
| (305,183 | ) | |
| (771,058 | ) | |
| (1,525,994 | ) | |
| (1,192,214 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest earned on marketable securities held in trust account | |
| 230,878 | | |
| 463,661 | | |
| 2,057,870 | | |
| 612,720 | |
Provision for income taxes | |
| (218,885 | ) | |
| - | | |
| (581,553 | ) | |
| - | |
Net income (loss) | |
$ | (293,190 | ) | |
$ | (307,397 | ) | |
$ | (49,679 | ) | |
$ | (579,494 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding of Class A common stock | |
| 2,085,208 | | |
| 10,592,700 | | |
| 5,838,513 | | |
| 8,274,928 | |
Basic and diluted net income (loss) per common stock | |
$ | (0.06 | ) | |
$ | (0.01 | ) | |
$ | 0.07 | | |
$ | (0.04 | ) |
Weighted average shares outstanding of Class B common stock | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | |
Basic and diluted net income (loss) per common stock | |
$ | (0.07 | ) | |
$ | (0.06 | ) | |
$ | (0.18 | ) | |
$ | (0.11 | ) |
The
accompanying notes are an integral part of these unaudited financial statements.
VISION
SENSING ACQUISITION CORP.
STATEMENTS
OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND
FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2022
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Class A Common Stock | | |
Class B Common Stock | | |
Additional Paid in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance – December 31, 2022 (Audited) | |
| 472,700 | | |
$ | 47 | | |
| 2,530,000 | | |
$ | 253 | | |
$ | - | | |
$ | (4,281,038 | ) | |
$ | (4,280,738 | ) |
Net Income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 722,311 | | |
| 722,311 | |
Additional amount deposited into trust ($0.10 per common stock subject to possible redemption) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,012,000 | ) | |
| (1,012,000 | ) |
Balance – March 31, 2023 (Unaudited) | |
| 472,700 | | |
| 47 | | |
| 2,530,000 | | |
| 253 | | |
| - | | |
| (4,570,727 | ) | |
$ | (4,570,427 | ) |
Re-measurement of Class A Common Stock Subject to Possible Redemption | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (2,037,897 | ) | |
| (2,037,897 | ) |
Additional amount deposited into trust | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (217,891 | ) | |
| (217,891 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (478,800 | ) | |
| (478,800 | ) |
Balance – June 30, 2023 (Unaudited) | |
| 472,700 | | |
| 47 | | |
| 2,530,000 | | |
| 253 | | |
| - | | |
| (7,305,315 | ) | |
$ | (7,305,015 | ) |
Additional amount deposited into trust | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (145,125 | ) | |
| (145,125 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (293,190 | ) | |
| (293,190 | ) |
Balance – September 30, 2023 (Unaudited) | |
| 472,700 | | |
| 47 | | |
| 2,530,000 | | |
| 253 | | |
| - | | |
| (7,430,630 | ) | |
$ | (7,743,330 | ) |
| |
Class A Common Stock | | |
Class B Common Stock | | |
Additional Paid in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance – December 31, 2021 (Audited) | |
| 472,700 | | |
$ | 47 | | |
| 2,530,000 | | |
$ | 253 | | |
$ | - | | |
$ | (3,121,642 | ) | |
$ | (3,121,342 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (154,102 | ) | |
| (154,102 | ) |
Balance – March 31, 2022 (Unaudited) | |
| 472,700 | | |
| 47 | | |
| 2,530,000 | | |
| 253 | | |
| - | | |
| (3,275,744 | ) | |
$ | (3,275,444 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (117,995 | ) | |
| (117,995 | ) |
Balance – June 30, 2022 (Unaudited) | |
| 472,700 | | |
$ | 47 | | |
| 2,530,000 | | |
$ | 253 | | |
$ | - | | |
$ | (3,393,739 | ) | |
$ | (3,393,439 | ) |
Balance | |
| 472,700 | | |
$ | 47 | | |
| 2,530,000 | | |
$ | 253 | | |
$ | - | | |
$ | (3,393,739 | ) | |
$ | (3,393,439 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (307,397 | ) | |
| (307,397 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (307,397 | ) | |
| (307,397 | ) |
Balance – September 30, 2022 (Unaudited) | |
| 472,700 | | |
$ | 47 | | |
| 2,530,000 | | |
$ | 253 | | |
$ | - | | |
$ | (3,701,136 | ) | |
$ | (3,700,836 | ) |
Balance | |
| 472,700 | | |
$ | 47 | | |
| 2,530,000 | | |
$ | 253 | | |
$ | - | | |
$ | (3,701,136 | ) | |
$ | (3,700,836 | ) |
The
accompanying notes are an integral part of these unaudited financial statements.
VISION
SENSING ACQUISITION CORP.
STATEMENTS
OF CASH FLOWS
(UNAUDITED)
| |
For the Nine months Ended September 30, 2023 | | |
For the Nine months Ended September 30, 2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | (49,679 | ) | |
$ | (579,494 | ) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
| |
| | | |
| | |
Interest earned on marketable securities held in trust account | |
| (2,057,870 | ) | |
| (612,720 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| 28,153 | | |
| 9,946 | |
Accounts payable | |
| 973,893 | | |
| 724,030 | |
Accrued expenses | |
| 125,000 | | |
| - | |
Franchise tax payable | |
| (59,511 | ) | |
| (30,923 | ) |
Income tax payable | |
| 404,781 | | |
| - | |
Other receivable | |
| 10,000 | | |
| - | |
Net cash used in operating activities | |
| (625,233 | ) | |
| (489,161 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Cash withdraw from trust account | |
| 90,483,113 | | |
| - | |
Investment of cash in trust account | |
| (363,017 | ) | |
| - | |
Net cash provided by investing activities | |
| 90,120,096 | | |
| - | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Working capital loan | |
| 169,850 | | |
| 66,000 | |
Extension loan | |
| 363,017 | | |
| - | |
Payment to redeemed shareholders | |
| (90,090,439 | ) | |
| - | |
Net cash used in financing activities | |
| (89,557,572 | ) | |
| 66,000 | |
| |
| | | |
| | |
Net change in cash | |
| (62,709 | ) | |
| (423,161 | ) |
Cash at the beginning of the period | |
| 71,650 | | |
| 499,301 | |
Cash at the end of the period | |
$ | 8,941 | | |
| 76,140 | |
The
accompanying notes are an integral part of these unaudited financial statements.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations
Vision
Sensing Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on August
13, 2021. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with,
purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business
combination with one or more businesses or entities (“Business Combination”). The Company is an emerging growth company
and, as such, the Company is subject to all of the risks associated with emerging growth companies.
As
of September 30, 2023, the Company had not commenced any operations. All activity for the period from August 13, 2021 (inception) through
September 30, 2023, relates to the Company’s formation, the Offering (as defined below), the Company’s search for acquisition
targets and due diligence, the negotiation of the Business Combination Agreement (as defined below) and assisting Newsight Imaging Ltd.
in the preparation and filing of its Registration Statement on Form F-4 and amendments thereto. The Company will not generate any operating
revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income on cash and cash equivalents from the proceeds derived from the Offering. The Company has selected December
31 as its fiscal year end.
The
Company’s sponsor is Vision Sensing LLC, a Delaware limited liability company (the “Sponsor”). The registration
statement for the Company’s Initial Public Offering was declared effective on October 29, 2021.
On
November 3, 2021, the Company consummated its Initial Public Offering of 8,800,000 units (together with the Overallotment Units as defined
below, the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public
Shares”), at $10.00 per Unit, generating gross proceeds of $88,000,000, and incurring offering costs of $7,520,024, of which
$3,542,000 was for deferred underwriting commissions (which amount includes deferred underwriting commissions attributable to the exercise
of the underwriters’ election of their over-allotment option, as described below) (see Note 6). The Company granted the underwriter
a 45-day option to purchase up to an additional 1,320,000 Units at the Initial Public Offering price to cover over-allotments.
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of units
(the “Private Placement Units”) to the Sponsor, at a price of $ per Private Placement Unit, generating total
gross proceeds of $ (the “Private Placement”) (see Note 4).
Additionally,
on November 3, 2021, the Company consummated the closing of the sale of 1,320,000 additional units at a price of $10.00 per unit (the
“Overallotment Units”) upon receiving notice of the underwriters’ election to fully exercise their overallotment
option, generating additional gross proceeds of $13,200,000 and incurred additional offering costs of $264,000 in underwriting fees.
Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”),
and three-quarters of one redeemable warrant of the Company, with each whole Warrant (a “Warrant” and the Warrants
included in the Units issued to the public in our Initial Public Offering, the “Public Warrants”) entitling the holder
thereof to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment, pursuant to the Company’s registration
statement on Form S-1 (File No. 333-259766).
Simultaneously
with the exercise of the overallotment, the Company consummated the Private Placement of an additional Private Placement Units
to the Sponsor, generating gross proceeds of $.
A
total of $, comprised of the proceeds from the Offering and the proceeds of private placements that each closed on November
3, 2021, net of the underwriting commissions, discounts, and offering expenses, was deposited in a Trust Account (“Trust Account”)
which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment
company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined
by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to
the Company’s stockholders, as described below.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Transaction
costs of the Initial Public Offering with the exercise of the overallotment amounted to $7,520,024 consisting of $2,024,000 of cash underwriting
fees, $3,542,000 of deferred underwriting fees and $436,024 of other costs.
Following
the closing of the Initial Public Offering $953,522 of cash was held outside of the Trust Account available for working capital purposes.
As of September 30, 2023, we have available to us $8,941 of cash on our balance sheet and a working capital of $9,309,144.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions
and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter into a Business
Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more
of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to
be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able
to successfully effect a Business Combination.
The
Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity
to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder
meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination,
the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek
to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business
Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation
of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination.
Proposed
Business Combination
On
August 30, 2022, the Company entered into a Business Combination Agreement (the “Original Business Combination Agreement”
and as it has been amended and may be further amended or restated, the “Business Combination Agreement”) with Newsight
Imaging Ltd., an Israeli company (“Newsight”), and Newsight MergerSub, Inc., a Delaware corporation and wholly owned
subsidiary of Newsight (“Merger Sub”).
Pursuant
to the Business Combination Agreement, at the closing (the “Closing”) of the transactions contemplated thereunder
(collectively, the “Transactions”), and following the Recapitalization and the PIPE Investment (as each such term
is defined and described in the Business Combination Agreement), (i) Merger Sub will merge with and into the Company, with the Company
continuing as the surviving entity and a wholly owned subsidiary of Newsight (the “Merger”); (ii) the common stock
of the Company (including Class A common stock and Class B common stock) will be converted into ordinary shares of Newsight (“Newsight
Ordinary Shares”) on a one-for-one basis; (iii) warrants to purchase the Company’s common stock will instead become eligible
to purchase the same number of Newsight Ordinary Shares at the same exercise price and for the same exercise period; (iv) the Company
will become a wholly owned subsidiary of Newsight; and (v) the Company will change its corporate name to Newsight HoldCo, Inc., and will
have a restated certificate of incorporation appropriate for a private corporation.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Prior
to the Closing, but subject to the completion of the Closing, Newsight will effect a recapitalization of its outstanding equity securities
(the “Recapitalization”) so that the only class of outstanding equity of Newsight will be the Newsight Ordinary Shares
(and certain options and warrants that are exercisable for Newsight Ordinary Shares). To effect the Recapitalization, (i) Newsight will
effect a recapitalization of the Newsight Ordinary Shares so that the holders of the then outstanding Newsight Ordinary Shares will have
shares valued at $10.00 per share having a total value of $215,000,000; and (ii) with respect to outstanding options to purchase Newsight
Ordinary Shares, the number of Newsight Ordinary Shares issuable upon exercise of such security will be multiplied by the Conversion
Ratio, as defined in the Business Combination Agreement, and the exercise price of such security will be divided by the Conversion Ratio.
The Business Combination Agreement does not provide for any post-closing purchase price adjustments.
The
Business Combination Agreement and related agreements are further described in our Current Report on Form 8-K filed with the SEC on September
6, 2022.
On
January 19, 2023, the Company, Newsight and Merger Sub entered into an Amendment No. 1 to Business Combination Agreement (the “First
BCA Amendment”) to amend Article 40.1(a) of Exhibit H to the Original Business Combination Agreement (the form of Amended and
Restated Articles of Association of Newsight that will become effective in connection with consummation of the Business Combination)
to provide that the U.S. federal district courts will have exclusive jurisdiction to resolve complaints asserting a cause of action under
the Securities Exchange Act of 1934, as amended. On January 29, 2023, the Company, Newsight and Merger Sub entered into Amendment No.
2 to Business Combination Agreement (the “Second BCA Amendment”) to amend the definition of “Outside Date”
in Section 10.1 in the Original Business Combination Agreement to change the Outside Date from February 3, 2023 to May 3, 2023. The amendment
extends the Outside Date to match the new deadline for the Company under its organizational documents to complete its initial Business
Combination.
Newsight
Registration Statement on Form F-4
Newsight
filed a Registration Statement on Form F-4 with the SEC on December 8, 2022 to register the issuance of the Newsight Ordinary Shares
that will be issued at the consummation of the Business Combination, the warrants exercisable for Newsight Ordinary Shares that will
result from the amendment of the Company’s public warrants at the consummation of the Business Combination and the Newsight Ordinary
Shares issuable upon exercise of such warrants. Newsight filed an Amendment No. 1 thereto on January 20, 2023, an Amendment No. 2 thereto
on February 13, 2023 and an Amendment No. 3 thereto on March 27, 2023. We use the term “Newsight Form F-4” to refer
to the original registration statement as amended by the three amendments and as it may be subsequently further amended.
Termination
of Newsight agreement
On
December 9, 2023, the Company, Newsight and Merger Sub entered into a Mutual Termination Agreement (the “Mutual Termination Agreement”)
pursuant to which they terminated the Business Combination Agreement by mutual agreement in accordance with Section 7.1(a) thereof, and
each party, on behalf of itself and its agents, released, waived and forever discharged the other parties and their agents of and from
any and all obligation or liability arising under the Business Combination Agreement. The Company and Newsight determined to mutually
terminate the Business Combination Agreement because of challenging global economic conditions.
The
Company will provide its Public Stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion
of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means
of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination
at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against
a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least
$5,000,001 either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval,
a majority of the outstanding shares voted are voted in favor of the Business Combination.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
The
Company’s amended and restated certificate of incorporation originally provided that we have up to 12 months from the closing of
our IPO, or until November 3, 2022, to consummate an initial Business Combination; however, if we anticipated that we may not be able
to consummate a Business Combination within 12 months, we could, by resolution of our board of directors if requested by our Sponsor,
extend the period of time to consummate a Business Combination up to two times, each by an additional three months (for a total of up
to 18 months, or until May 3, 2023), subject to our Sponsor depositing additional funds into the Trust Account.
Merger
Agreement with Mediforum
On
January 12, 2024, Vision Sensing Acquisition Corp. (SPAC), a Delaware corporation, entered into an Agreement and Plan of Merger (the “Merger
Agreement”) with Mediforum Co. Ltd., a registered company organized under the laws of the Republic of Korea.
Prior to the Closing, Mediforum will restructure and
redomesticate (“Restructuring and Redomestication”) to the British Virgin Islands (the “BVI Company”)
Pursuant
to the terms of the Merger Agreement, a new British Virgin Islands business company (“PubCo”), a British Virgin Islands company
and a wholly owned direct subsidiary of PubCo (“Merger Sub 1”), and a Delaware limited liability company and a wholly owned
direct subsidiary of PubCo (“Merger Sub 2”) will be formed no later than the business day immediately prior to February 15,
2024 (the “Amendment Date”), for the purpose of participating in the transactions contemplated by the Merger Agreement, including,
without limitation, (a) the merger of Merger Sub 1 with and into the BVI Company, with the BVI Company surviving such merger as a wholly
owned subsidiary of PubCo (the “Initial Merger”), and (b) the merger of Merger Sub 2 with and into SPAC, with SPAC surviving
such merger as a wholly owned subsidiary of PubCo (the “SPAC Merger” and together with the Initial Merger, the “Mergers”,
and together with the other transactions contemplated by the Merger Agreement and the other agreements contemplated thereby, the “Transactions”).
The requisite members of the board of directors of SPAC (the “Board”) have (i) approved and declared advisable the Merger
Agreement and the Transactions and (ii) resolved to recommend the approval and adoption of the Merger Agreement and the Transactions
by the stockholders of SPAC.
The
consideration for the Mergers (the “Merger Consideration”) will be $250,000,000. The Merger Consideration will be payable
100% in 25,000,000 PubCo ordinary shares valued at $10.00 per share.
First
Charter Amendment
In
a special meeting held on May 1, 2023, the Company’s stockholders approved a First Amendment (the “First Charter Amendment”)
to the Company’s amended and restated certificate of incorporation, changing the structure and cost of the Company’s right
to extend the date (the “Termination Date”) by which the Company must either complete its initial Business Combination
or else (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten
business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to us to pay our taxes
(less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption
will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions,
if any), subject to applicable law, (iii) as promptly as reasonably possible following such redemption, subject to the approval of our
remaining stockholders and our board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to our
obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
The
First Charter Amendment allows the Company to extend the Termination Date from May 3, 2023 by up to six 1-month extensions to November
3, 2023, provided that (i) the Company’s Sponsor (or its affiliates or permitted designees) will deposit into the Company’s
Trust Account the lesser of (x) $100,000 or (y) $0.045 per share for each Public Share outstanding as of the applicable deadline date
for each such one-month extension until November 3, 2023 unless the closing of the Company’s initial Business Combination shall
have occurred (the “Extension Payment”) in exchange for a non-interest bearing, unsecured promissory note payable
upon consummation of a Business Combination. In connection with the approval of the First Charter Amendment on May 1, 2023, holders of
8,507,492 of the Company’s Public Shares exercised their right to redeem those shares for cash at an approximate price of $10.61
per share, for an aggregate of approximately $90.2 million, leaving 1,612,508 Public Shares outstanding after the May 1, 2023 stockholders
meeting. Thus, the Extension Payment for a one-month extension is $72,562.86.
In
connection with the First Charter Amendment, the Company amended the Trust Agreement by entering into Amendment No. 1 to Investment Management
Trust Agreement dated May 1, 2023, by and between the Company and Continental, which conforms the extension procedures in the Trust Agreement
to the procedures in the First Charter Amendment.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Second
Charter Amendment
In
a special meeting held on October 25, 2023, the Company’s stockholders approved a Second Amendment (the “Second Charter
Amendment”) to the Company’s amended and restated certificate of incorporation, giving the Company the right to extend
the date (the “Termination Date”) by which the Company must (i) consummate a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses (a “business
combination”), or else (ii) cease its operations if it fails to complete such business combination, and redeem or repurchase 100%
of the Company’s Class A common stock included as part of the units sold in the Company’s initial public offering that was
closed on November 3, 2021 (the “IPO”) from November 3, 2023 (the “Termination Date”) by up to six (6) one-month
extensions to May 3, 2024 (the “Extension Amendment Proposal”).
The
Second Charter Amendment allows the Company to extend the Termination Date from November 3, 2023 by up to six 1-month extensions to May
3, 2024, provided that (i) the Company’s Sponsor (or its affiliates or permitted designees) will deposit into the Company’s
Trust Account the lesser of (x) $60,000 or (y) $0.04 per share for each Public Share outstanding as of the applicable deadline date for
each such one-month extension until May 3, 2024 unless the closing of the Company’s initial Business Combination shall have occurred
(the “Extension Payment”) in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
of a Business Combination. In connection with the voting on the Extension Amendment Proposal and the Trust Amendment Proposal at the
special meeting, holders of 264,443 shares of Class A Common Stock exercised their right to redeem those shares for cash.
In
connection with the Second Charter Amendment, the Company amended the Trust Agreement by entering into Amendment No. 2 to Investment
Management Trust Agreement dated October 25, 2023, by and between the Company and Continental, which conforms the extension procedures
in the Trust Agreement to the procedures in the Second Charter Amendment.
Extensions
On
October 28, 2022 and again on February 2, 2023, at the request of our Sponsor, our board of directors extended the period of time to
consummate a Business Combination to February 3, 2023 and May 3, 2023, respectively, our Sponsor deposited $ (representing $
per public unit sold in our initial public offering) into the Trust Account for each extension (for a total of $), and we issued
to our Sponsor a non-interest bearing, unsecured promissory note in that amount. On May 1, 2023, at the request of our Sponsor, our board
of directors extended the period of time to consummate a Business combination to June 5, 2023, our Sponsor deposited $ (representing
$ per outstanding Public Share of our Class A common stock) into the Trust Account, and we issued to our Sponsor a non-interest
bearing, unsecured promissory note in that amount. On June 2, 2023, our Sponsor deposited $ to extend the period of time to
consummate a Business combination to July 3, 2023. On June 30, 2023, our Sponsor deposited $ to extend the period of time to
consummate a Business combination to August 3, 2023. On August 1, 2023, our Sponsor further deposited $ to extend the period
of time to consummate a Business combination to September 3, 2023. On September 1, 2023, our Sponsor further deposited $ to
extend the period of time to consummate a Business combination to October 3, 2023. On October 1, 2023, our Sponsor further deposited
$ to extend the period of time to consummate a Business combination to November 3, 2023.
On
November 1, 2023, our Sponsor further deposited $ to extend the period of time to consummate a Business combination to December
3, 2023. On December 1, 2023, our Sponsor further deposited $ to extend the period of time to consummate a Business combination
to January 3, 2024. On January 3, 2024, our sponsor deposited $ into the Company’s trust account to extend its initial
business combination from January 3, 2024 to February 3, 2024. On February 3, 2024, our Sponsor deposited $ to extend the Company’s Trust Account to extend its initial business combination from February 3, 2024 to March 3, 2024.
If
the Company is unable to complete a Business Combination by March 3, 2024 (which can be extended to May 3, 2024 if our Sponsor
deposits an additional $
into the Trust Account for each of up to two additional 1-month extensions or such later date as may be approved by the
Company’s stockholders in accordance with the Company’s certificate of incorporation), the Company will (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
Trust Account including interest earned on the funds held in the Trust Account and not previously released to us to pay our taxes
(less up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely
extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if
any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above
to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly,
it is our intention to redeem our Public Shares as soon as reasonably possible following October 25, 2023 (or up to May 3, 2024 if
our Sponsor at the request of our board of directors deposits an additional $60,000
($0.045
per Public Share) into the Trust Account for up to two 1-month extensions, or as extended by the Company’s stockholders in
accordance with our certificate of incorporation) and, therefore, we do not intend to comply with those procedures. As such, our
stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any
liability of our stockholders may extend well beyond the third anniversary of such date.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Our
Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than the independent public accounting
firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter
of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to
below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date
of the liquidation of the Trust Account, if less than $10.15 per Public Share due to reductions in the value of the trust assets, less
taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed
a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply
to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities
under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently
verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and believe that our Sponsor’s only assets
are securities of our company. Therefore, we cannot assure you that our Sponsor would be able to satisfy those obligations. None of our
officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective
target businesses.
Liquidity
and Management’s Plans
Prior
to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable
period of time, which is considered to be one year from the issuance date of the financial statements. The Company has since
completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used to
fund offering expenses was released to the Company for general working capital purposes. Accordingly, management has since
re-evaluated the Company’s liquidity and financial condition and determined that the company may not have sufficient capital
exists to sustain operations through the earlier of the consummation of a Business Combination or one year from this filing and
therefore substantial doubt has not been alleviated. There is no assurance that the Company’s plans to consummate an initial
Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Additionally,
as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related
economic sanctions, the Company’s ability to consummate a Business Combination, or the operations of a target business with which
the Company ultimately consummates a Business Combination, may be materially and adversely affected. Further, the Company’s ability
to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events,
including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms
acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on
the Company’s financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable.
The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United
States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and note disclosures
normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed
or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the
information not misleading. The interim financial statements as of September 30, 2023 and for the nine months ended September 30, 2023
and September 30, 2022 respectively, are unaudited. In the opinion of management, the interim financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim periods. The accompanying
balance sheet as of December 31, 2022, is derived from the audited financial statements presented in the Company’s Annual Report
on Form 10-K for fiscal the year ended December 31, 2022.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $8,941 in cash and no cash equivalents as of September
30, 2023 and $71,650 in cash and no cash equivalents as of December 31, 2022.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were $5,000 of unrecognized tax benefits as of September 30, 2023 and December 21, 2022 and no amounts accrued for
interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals
or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
The
provision for income taxes was $581,553 for the nine months ended September 30, 2023 and $0 for the nine months ended September 30, 2022.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) are classified as a liability
instrument and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) are classified as temporary equity. At all other times, shares are classified as stockholders’
equity. The Company’s Class A Common Stock features certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events. On May 15, 2023, in connection with the approval by the Company’s
stockholders of the First Charter Amendment, the Company redeemed 8,507,492 shares of the Company’s Class A Common Stock for an
aggregate redemption payment from the Trust Account of $90,090,439. On September 30, 2023, there were 1,612,508 shares of Class A Common
Stock subject to possible redemption. On December 31, 2022 there were 10,120,000 shares of Class A Common Stock subject to possible redemption.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
As
of September 30, 2023 and December 31,2022, the Class A Common Stock reflected on the balance sheet are reconciled in the following table:
Schedule of Class A Common Stock Reflected on
the Balance Sheet
| |
For the Nine months Ended September 30, 2023 | | |
For the Year Ended December 31, 2022 | |
Contingently redeemable Class A Common Stock – Opening Balance | |
$ | 103,730,000 | | |
$ | 102,718,000 | |
Re-measurement of Class A Common Stock Subject to Possible Redemption | |
| 3,412,913 | | |
| 1,012,000 | |
Payment to redeemed shareholders | |
| (90,090,439 | ) | |
| - | |
Contingently redeemable Class A Common Stock - Ending Balance | |
| 17,052,474 | | |
| 103,730,000 | |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. At September 30, 2023 and December 31, 2022, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
Schedule
of Basic and Diluted Net Income Loss Per Common share
| |
For the Three months Ended September 30, 2023 | | |
For the Three months Ended September 30, 2022 | | |
For the
Nine months Ended September 30, 2023 | | |
For the
Nine months Ended September 30, 2022 | |
Class A common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class A common stock | |
$ | (125,892 | ) | |
$ | (158,741 | ) | |
$ | 411,666 | | |
$ | (300,334 | ) |
Denominator: weighted average number of Class A common stock | |
| 2,085,208 | | |
| 10,592,700 | | |
| 5,838,513 | | |
| 8,274,928 | |
Basic and diluted net income (loss) per redeemable Class A common stock | |
$ | (0.06 | ) | |
$ | (0.01 | ) | |
$ | 0.07 | | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Class B common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to non-redeemable Class B common stock | |
$ | (167,297 | ) | |
$ | (148,656 | ) | |
$ | (461,345 | ) | |
$ | (279,160 | ) |
Denominator: weighted average number of Class B common stock | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | |
Basic and diluted net income (loss) per Class B common stock | |
| (0.07 | ) | |
| (0.06 | ) | |
$ | (0.18 | ) | |
$ | (0.11 | ) |
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
|
● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets. This is the level
that the Marketable Securities Held in Trust Account are considered (being $18,032,091 as of September 30, 2023 and $105,082,318
as of December 31, 2022); |
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
3 —Public Offering
Pursuant
to the Initial Public Offering and full exercise underwriter’s overallotment option, the Company sold 10,120,000 Units at a purchase
price of $10.00 per Unit. Each Unit consists of one common stock and three-quarters of one redeemable Warrant. Each Warrant will entitle
the holder to purchase one common stock at an exercise price of $11.50 per whole share (see Note 7).
Note
4 — Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the Private Placement of an aggregate of Private Placement
Units to the Sponsor at a purchase price of $ per Private Placement Unit, generating gross proceeds to the Company in the amount
of $.
A
portion of the proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering held in the Trust
Account. If the Company does not complete a Business Combination by the Termination Date, the proceeds from the sale of the Private Placement
Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law)
and the Private Placement Units will be worthless.
The
Private Placement Warrants (including the Class A common stock issuable upon exercise of the Private Placement Warrants) will not be
transferable, assignable or salable until 30 days after the completion of an initial Business Combination, subject to certain exceptions.
Note
5 — Related Party Transactions
Class
B Common Stock
On
September 2, 2021, the Company issued an aggregate of shares of Class B common stock (the “Founder Shares”) to
the Sponsor for an aggregate purchase price of $25,000 in cash, or approximately $0.009 per share. The Founder Shares are no longer subject
to forfeiture due to full exercise in our Initial Public Offering of the over-allotment by the underwriter.
.
Promissory
Note — Related Party
On
August 31, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company could borrow up to an
aggregate principal amount of $, to be used for payment of costs related to our Initial Public Offering. .
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, our Sponsor extended to us a line of credit of up to $
pursuant to a Convertible Promissory Note dated August 9, 2022 (“Sponsor Working Capital Loan”). Such Sponsor Working Capital
Loan is to either be repaid upon the consummation of a Business Combination, without interest, or, at the Sponsor’s discretion,
up converted upon consummation of a Business Combination into additional Placement Units at a price of $ per Unit. In the event
that a Business Combination does not close, we may use a portion of proceeds held outside the Trust Account to repay the Sponsor Working
Capital Loans, but no proceeds held in the Trust Account would be used to repay the Sponsor Working Capital Loans. As of September 30,
2023, the amount under the Sponsor Working Capital Loan was $.
To
fund extensions of the deadline for us to complete our initial Business Combination, the Sponsor deposited an additional $ into
the Trust Account on each of October 28, 2022 and February 2, 2023 and approximately $72,562.86 for each subsequent five one-month extension.
In return, we issued the Sponsor non-interest bearing, unsecured promissory notes, in the aggregate amount of $2,387,017 as of September
30, 2023.
Newsight
Bridge Financing
In
connection with our entry into the Business Combination Agreement, we agreed to provide Newsight with up to $1
million of bridge financing to fund Newsight’s transaction expenses in certain circumstances and subject to certain conditions
in respect of the amount of funding of Newsight. Dr. George Cho Yiu So, a principal of our Sponsor and a director of Newsight and an
indirect beneficial owner of 7.4%
of Newsight’s outstanding shares, has agreed to loan such funds to us on substantially identical terms in order to fund our
obligation to make advances to Newsight. On November 4, 2022, Dr. So advanced $1,000,000
to us, which we in turn advanced to Newsight. The bridge financing and accrued interest, of 10% per annum accrued and compounded
monthly, shall be mature and be payable upon Newsight’s receipt of $2,000,000 in financing.
Administrative
Support Agreement
Commencing
on the date the Units are first listed on the Nasdaq, the Company has agreed to pay the Sponsor a total of $10,000 per month for office
space, utilities and secretarial and administrative support. Upon completion of the initial Business Combination or the Company’s
liquidation, the Company will cease paying these monthly fees. For the nine months ended September 30, 2023, $90,000 of expense was recorded
and included in formation and operating costs in the statement of operations. For the nine months ended September 30, 2022, $90,000 of
expense was recorded and included in formation and operating costs in the statement of operations.
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the Founder Shares, Private Placement Units and Warrants that may be issued upon conversion of Working Capital Loans (and
any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working
Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a Registration Rights Agreement
dated November 1, 2021 requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion
to shares of Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form
registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration
rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company
to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides
that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until
the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection
with the filing of any such registration statements.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
6 — Commitments and Contingencies (Continued)
Underwriters
Agreement
The
Company granted the underwriter a 45-day option to purchase up to 1,320,000 additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting discounts and commissions. On November 3, 2021, the underwriters exercised this option and
purchased the additional 1,320,000 Units. These Units were sold at an offering price of $10.00 per Unit, generating additional gross
proceeds to the Company of $13,200,000.
The
underwriter was paid a cash underwriting discount of two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $2,024,000.
In addition, the underwriter is entitled to a deferred fee of three point five percent (3.50%) of the gross proceeds of the Initial Public
Offering, or $3,542,000. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.
Right
of First Refusal
For
a period beginning on the closing of our Initial Public Offering and ending 12 months from the closing of our initial Business Combination,
we have granted EF Hutton, division of Benchmark Investments, LLC a right of first refusal to act as lead-left book running manager and
lead left manager for any and all future private or public equity, convertible and debt offerings during such period. In accordance with
FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration of more than three years from the effective date of the
registration statement for our Initial Public Offering.
Note
7 – Stockholders’ Equity
Preferred
Shares — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such
designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At September 30,
2023, there were no preferred shares issued or outstanding.
Class
A Common Stock — The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001
per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. At September 30, 2023, there
were 472,700 Class A common stock issued and outstanding, excluding 1,612,508 shares subject to possible redemption. At December 31,
2022, there were 472,700 Class A common stock issued and outstanding, excluding 10,120,000 shares subject to possible redemption.
Class
B Common Stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of
$0.0001 per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. At September 30, 2023
and December 31, 2022, there were 2,530,000 shares of Class B common stock issued and outstanding.
Only
holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders
of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of
our stockholders except as otherwise required by law. In connection with our initial Business Combination, we may enter into a stockholders
agreement or other arrangements with the stockholders of the target or other investors to provide for voting or other corporate governance
arrangements that differ from those in effect upon completion of the IPO.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Stockholders’ Equity (Continued)
The
shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination,
or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A
common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering
and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of
Class A common stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree
to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable
upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total
number of all shares of common stock outstanding upon the completion of Initial Public Offering plus all shares of Class A common stock
and equity-linked securities issued or deemed issued in connection with a Business Combination (net of the number of shares of Class
A common stock redeemed in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable
to any seller of an interest in the target to us in a Business Combination.
Warrants
— Warrants may only be exercised for a whole number of shares. No fractional Warrants will be issued upon separation of
the Units and only whole Warrants will trade. The Warrants will become exercisable on the later of (a) 30 days after the completion of
a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Warrants will expire five years after the
completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a Warrant and will have no obligation
to settle such Warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A common stock issuable upon exercise of the Warrants is then effective and a current prospectus relating to those shares of Class A
common stock is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from
registration is available. No Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue
any shares to holders seeking to exercise their Warrants, unless the issuance of the shares upon such exercise is registered or qualified
under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
The
Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination,
the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have
declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the
Warrants and to maintain a current prospectus relating to those shares of Class A common stock until the Warrants expire or are redeemed.
Notwithstanding the above, if the Class A common stock is at the time of any exercise of a Warrant not listed on a national securities
exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the
Company may, at its option, require holders of Warrants who exercise their Warrants to do so on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain
in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Stockholders’ Equity (Continued)
Redemption
of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 — Once the Warrants become exercisable, the
Company may redeem the outstanding Warrants:
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
a price of $0.01 per Warrant; |
|
|
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each Warrant holder; and |
|
|
|
|
● |
if,
and only if, the last reported sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on
the third trading day prior to the date on which the Company sends the notice of redemption to Warrant holders. |
If
and when the Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Warrants for redemption, as described above, its management will have the option to require any holder that wishes
to exercise the Warrants to do so on a “cashless basis,” as described in the Warrant agreement. The exercise price and number
of shares of common stock issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a
stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below,
the Warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally, in no event will the
Company be required to net cash settle the Warrants. If the Company is unable to complete a Business Combination within the Combination
Period and the Company liquidates the funds held in the Trust Account, holders of Warrants will not receive any of such funds with respect
to their Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect
to such Warrants. Accordingly, the Warrants may expire worthless.
The
Private Placement Warrants are identical to the Public Warrants except that (1) the Private Placement Warrants (including shares issuable
upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the closing of our
initial Business Combination (except, among other limited exceptions, to our officers and directors and other persons or entities affiliated
with our Sponsor), and subject to securities laws restrictions regarding sale of private securities and (2) holders of our Private Placement
Warrants are entitled to certain registration rights as described in Note 6.
Note
8 – Subsequent Events
In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or
transactions that occurred after September 30, 2023. Based upon this review, the Company
did not identify any subsequent events that would have required adjustment or disclosure in the financial statements except as follows.
On
October 1, 2023, our Sponsor further deposited $ into the Company’s Trust Account to extend the period of time to consummate
a Business Combination to November 3, 2023.
On
October 20, 2023, the Second Charter Amendment allows the Company to extend the Termination Date from November 3, 2023 by up to six
1-month extensions to May 3, 2024. On November 1, 2023, our Sponsor further deposited $
to extend the period of time to consummate a Business Combination to December 3, 2023. On December 1, 2023, our Sponsor further
deposited $
to extend the period of time to consummate a Business combination to January 3, 2024. On January 3, 2024, our Sponsor deposited
$
into the Company’s Trust Account to extend the period of time to consummate a Business Combination from
January 3, 2024 to February 3, 2024. On February 3, 2024, our Sponsor deposited $
to extend the Company’s Trust Account to extend its initial business combination from February 3, 2024 to March 3,
2024.
On December 9, 2023, the Company, Newsight and Merger
Sub entered into a Mutual Termination Agreement (the “Mutual Termination Agreement”) pursuant to which they terminated the
Business Combination Agreement by mutual agreement in accordance with Section 7.1(a) thereof, and each party, on behalf of itself and
its agents, released, waived and forever discharged the other parties and their agents of and from any and all obligation or liability
arising under the Business Combination Agreement. The Company and Newsight determined to mutually terminate the Business Combination Agreement
because of challenging global economic conditions.
On
January 12, 2024, Vision Sensing Acquisition Corp. (SPAC), a Delaware corporation, entered into an Agreement and Plan of Merger (the “Merger
Agreement”) with Mediforum Co. Ltd., a registered company organized under the laws of the Republic of Korea.
Prior to the Closing, Mediforum will restructure and
redomesticate (“Restructuring and Redomestication”) to the British Virgin Islands (the “BVI Company”)
Pursuant
to the terms of the Merger Agreement, a new British Virgin Islands business company (“PubCo”), a British Virgin Islands company
and a wholly owned direct subsidiary of PubCo (“Merger Sub 1”), and a Delaware limited liability company and a wholly owned
direct subsidiary of PubCo (“Merger Sub 2”) will be formed no later than the business day immediately prior to February 15,
2024 (the “Amendment Date”), for the purpose of participating in the transactions contemplated by the Merger Agreement, including,
without limitation, (a) the merger of Merger Sub 1 with and into the BVI Company, with the BVI Company surviving such merger as a wholly
owned subsidiary of PubCo (the “Initial Merger”), and (b) the merger of Merger Sub 2 with and into SPAC, with SPAC surviving
such merger as a wholly owned subsidiary of PubCo (the “SPAC Merger” and together with the Initial Merger, the “Mergers”,
and together with the other transactions contemplated by the Merger Agreement and the other agreements contemplated thereby, the “Transactions”).
The requisite members of the board of directors of SPAC (the “Board”) have (i) approved and declared advisable the Merger
Agreement and the Transactions and (ii) resolved to recommend the approval and adoption of the Merger Agreement and the Transactions
by the stockholders of SPAC.
The
consideration for the Mergers (the “Merger Consideration”) will be $250,000,000. The Merger Consideration will be payable
100% in 25,000,000 PubCo ordinary shares valued at $10.00 per share.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
to the “Company,” “us,” “our” or “we” refer to Vision Sensing Acquisition Corp. The following
discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial
statements and related notes included herein.
Cautionary
Note Regarding Forward-Looking Statements
All
statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business
strategy and the plans and objectives of management for future operations, are forward- looking statements. When used in this Form 10-Q,
words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and
similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s
management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors
detailed in our filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting
on the Company’s behalf are qualified in their entirety by this paragraph.
Overview
We
are a blank check company formed under the laws of the State of Delaware on August 13, 2021. We were formed for the purpose of entering
into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination
with one or more target businesses. While our efforts to identify a target business may span many industries and regions worldwide, we
focus on companies with operations in vision sensing technologies. We intend to effectuate our initial Business Combination using cash
from the proceeds of our Initial Public Offering and the private placement of the Private Units, the proceeds of the sale of our shares
in connection with our initial Business Combination, shares issued to the owners of the target, debt issued to bank or other lenders
or the owners of the target, or a combination of the foregoing.
We
expect to continue to incur significant costs in the pursuit of our initial Business Combination. We cannot assure you that our plans
to complete our initial Business Combination will be successful.
Proposed
Business Combination
On
August 30, 2022, the Company entered into the Original Business Combination Agreement with Newsight, and MergerSub, which has since been
amended on January 19, 2023 by the First BCA Amendment and again on January 29, 2023 by the Second BCA Amendment. We refer to the Original
Business Combination Agreement as amended by the two amendments as the “Business Combination Agreement.”
Pursuant
to the Business Combination Agreement, at the Closing of the Transactions contemplated thereunder, and following the Recapitalization
and the PIPE Investment (as each such term is defined and described in the Business Combination Agreement), (i) Merger Sub will merge
with and into the Company, with the Company continuing as the surviving entity and a wholly owned subsidiary of Newsight, which we refer
to as the Merger; (ii) the common stock of the Company (including Class A common stock and Class B common stock) will be converted into
Newsight Ordinary Shares on a one-for-one basis; (iii) warrants to purchase the Company’s common stock will instead become eligible
to purchase the same number of Newsight Ordinary Shares at the same exercise price and for the same exercise period; (iv) the Company
will become a wholly owned subsidiary of Newsight; and (v) the Company will change its corporate name to Newsight HoldCo, Inc., and will
have a restated certificate of incorporation appropriate for a private corporation.
On
January 19, 2023, the Company, Newsight and Merger Sub entered into the First BCA Amendment to amend Article 40.1(a) of Exhibit H to
the Original Business Combination Agreement (the form of Amended and Restated Articles of Association of Newsight that will become effective
in connection with consummation of the Business Combination) to provide that the U.S. federal district courts will have exclusive jurisdiction
to resolve complaints asserting a cause of action under the Securities Exchange Act of 1934, as amended. On January 29, 2023, the Company,
Newsight and Merger Sub entered into the Second BCA Amendment to amend the definition of “Outside Date” in Section 10.1 in
the Original Business Combination Agreement to change the Outside Date from February 3, 2023 to May 3, 2023. On and after the Outside
Date, either of the Company or Newsight may terminate the Business Combination Agreement without cause provided that the terminating
party is not itself in material breach of the agreement. Since the Outside Date has already past, either the Company or Newsight may
so terminate the Business Combination Agreement.
The
Business Combination Agreement, as amended and related agreements are further described in our Current Report on Form 8-K filed with
the SEC on September 6, 2022 and our Current Report on Form 8-K filed with the SEC on January 30, 2023 and in the Newsight Form F-4 described
below.
Registration
Statement
Newsight
filed a Registration Statement on Form F-4 with the SEC on December 8, 2022, to register the issuance of the Newsight Ordinary Shares
that will be issued at the consummation of the Business Combination, the warrants exercisable for Newsight Ordinary Shares that will
result from the amendment of the Company’s Public Warrants at the consummation of the Business Combination and the Newsight Ordinary
Shares issuable upon exercise of such Public Warrants. Newsight filed Amendment No. 1 thereto on January 20, 2023, Amendment No. 2 thereto
on February 13, 2023 and Amendment No. 3 thereto on March 27, 2023. We use the term “Newsight Form F-4” to refer to
the original registration statement as amended by the three amendments and as it may be subsequently further amended.
For
further information regarding the Merger Agreement and our proposed initial Business Combination with Newsight, please refer to Note
1 of this Quarterly Report and the Newsight Form S-4.
Termination
of Newsight agreement
On
December 9, 2023, the Company, Newsight and Merger Sub entered into a Mutual Termination Agreement (the “Mutual Termination Agreement”)
pursuant to which they terminated the Business Combination Agreement by mutual agreement in accordance with Section 7.1(a) thereof, and
each party, on behalf of itself and its agents, released, waived and forever discharged the other parties and their agents of and from
any and all obligation or liability arising under the Business Combination Agreement. The Company and Newsight determined to mutually
terminate the Business Combination Agreement because of challenging global economic conditions.
First
Charter Amendment
In
a special meeting held on May 1, 2023, the Company’s stockholders approved the First Charter Amendment to the Company’s amended
and restated certificate of incorporation, changing the structure and cost of the Company’s right to extend the Termination Date
by which the Company must either complete its initial Business Combination or else (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held
in the Trust Account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights
as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, (iii) as promptly
as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve
and liquidate, subject in the case of clauses (ii) and (iii) above to our obligations under Delaware law to provide for claims of creditors
and the requirements of other applicable law.
The
First Charter Amendment allows the Company to extend the Termination Date from May 3, 2023 by up to six 1-month extensions to November
3, 2023, provided that (i) the Company’s Sponsor (or its affiliates or permitted designees) will deposit into the Company’s
Trust Account an Extension Payment equal to the lesser of (x) $100,000 or (y) $0.045 per share for each Public Share outstanding as of
the applicable deadline date for each such one-month extension until November 3, 2023 unless the closing of the Company’s initial
business combination shall have occurred in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
of a business combination. In connection with the approval of the First Charter Amendment on May 1, 2023, holders of 8,507,492 of the
Company’s Public Shares exercised their right to redeem those shares for cash at an approximate price of $10.61 per share, for
an aggregate of approximately $90.2 million, leaving 1,612,508 Company Public Shares outstanding after the May 1, 2023 stockholders meeting.
Thus, the Extension Payment for each one-month extension is $72,562.86.
In
connection with the First Charter Amendment, the Company amended the Trust Agreement by entering into Amendment No. 1 to Investment Management
Trust Agreement dated May 1, 2023, by and between the Company and Continental, which conforms the extension procedures in the Trust Agreement
to the procedures in the First Charter Amendment.
Second
Charter Amendment
In
a special meeting held on October 25, 2023, the Company’s stockholders approved a Second Amendment (the “Second Charter
Amendment”) to the Company’s amended and restated certificate of incorporation, giving the Company the right to extend
the date (the “Termination Date”) by which the Company must (i) consummate a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses (a “business
combination”), or else (ii) cease its operations if it fails to complete such business combination, and redeem or repurchase 100%
of the Company’s Class A common stock included as part of the units sold in the Company’s initial public offering that was
closed on November 3, 2021 (the “IPO”) from November 3, 2023 (the “Termination Date”) by up to six (6) one-month
extensions to May 3, 2024 (the “Extension Amendment Proposal”).
Merger Agreement with Mediforum
On January 12, 2024, Vision Sensing Acquisition Corp.
(SPAC), a Delaware corporation, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Mediforum Co. Ltd.,
a registered company organized under the laws of the Republic of Korea.
Prior to the Closing, Mediforum will restructure and
redomesticate (“Restructuring and Redomestication”) to the British Virgin Islands (the “BVI Company”)
Pursuant to the terms of the Merger Agreement, a new
British Virgin Islands business company (“PubCo”), a British Virgin Islands company and a wholly owned direct subsidiary of
PubCo (“Merger Sub 1”), and a Delaware limited liability company and a wholly owned direct subsidiary of PubCo (“Merger
Sub 2”) will be formed no later than the business day immediately prior to February 15, 2024 (the “Amendment Date”),
for the purpose of participating in the transactions contemplated by the Merger Agreement, including, without limitation, (a) the merger
of Merger Sub 1 with and into the BVI Company, with the BVI Company surviving such merger as a wholly owned subsidiary of PubCo (the “Initial
Merger”), and (b) the merger of Merger Sub 2 with and into SPAC, with SPAC surviving such merger as a wholly owned subsidiary of
PubCo (the “SPAC Merger” and together with the Initial Merger, the “Mergers”, and together with the other transactions
contemplated by the Merger Agreement and the other agreements contemplated thereby, the “Transactions”). The requisite members
of the board of directors of SPAC (the “Board”) have (i) approved and declared advisable the Merger Agreement and the Transactions
and (ii) resolved to recommend the approval and adoption of the Merger Agreement and the Transactions by the stockholders of SPAC.
The consideration for the Mergers (the “Merger
Consideration”) will be $250,000,000. The Merger Consideration will be payable 100% in 25,000,000 PubCo ordinary shares valued at
$10.00 per share.
Extensions
After
the adoption of the First Charter Amendment on May 1, 2023, the Company obtained six 1-month extensions extending the Termination Date
to November 3, 2023, and the Sponsor has deposited six Extension Payments, each of $72,562.86 (representing $0.045 per outstanding public
share of our Class A common stock), into the Trust Account and received four non-interest bearing, unsecured promissory notes.
After the adoption of the Second Charter Amendment on October 25, 2023,
it allowed the Company to extend the Termination Date to May 3, 2024 by using six 1-month extensions, and the Sponsor has deposited four
Extension Payments, each of $60,000, into the Trust Account and received four non-interest bearing, unsecured promissory notes.
If we do not complete the Business Combination by March 3, 2024, (which
can be extended to May 3, 2024 if our Sponsor deposits an additional $60,000 into the Trust Account for each of up to two more 1-month
extensions or such later date as may be approved by our stockholders in an amendment to our certificate of incorporation), then our existence
will terminate, and we will distribute all amounts in the Trust Account.
Results
of Operations
We
have neither engaged in any operations nor generated any revenues to date. Our only activities from August 13, 2021 (inception) to September
30, 2023 were organizational activities, those activities necessary to prepare for our Initial Public Offering, identifying a target
company for a business combination and conducting due diligence, the negotiation of the Business Combination Agreement with Newsight
and assisting Newsight in the preparation and filing of the Newsight Form F-4 and any amendments thereto. We do not expect to generate
any operating revenues until after the completion of our initial Business Combination. We expect to generate non-operating income in
the form of interest income on cash and marketable securities held in our Trust Account. We expect that we will incur increased expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for expenses in
connection with completing our initial Business Combination.
For the three months ended September 30, 2023, we
had a net loss of $293,190, which consists of formation and operating costs of $255,183, franchise tax expense of $50,000, interest earned
on investments held of $230,878 and income tax provision of $218,885.
For
the nine months ended September 30, 2023, we had a net income of $49,679, which consists of formation and operating costs of $1,373,042,
franchise tax expense of $152,953, interest earned on investments held of $2,057,870 and income tax provision of $581,553.
For the three months ended September 30, 2022, we
had a net loss of $307,397, which consists of formation and operating costs of $755,596, franchise tax expense of $15,462 and interest
earned on investments held of $463,661.
For
the nine months ended September 30, 2022, we had a net loss of $579,494, which consists of formation and operating costs of $1,145,828,
franchise tax expense of $46,386 and interest earned on investments held of $612,720.
For
nine months ended September 30, 2023, the increase of interest from marketable securities held in trust was primarily due to the higher
interest rate of underlying treasury bills compared to same period in 2022 while the increase of operating costs and cash used in operating
activities was primarily due to legal and other professional service fees for de-spac transactions.
Liquidity
and Capital Resources
On
November 3, 2021, we consummated our Initial Public Offering of 10,120,000 Units at a price of $10.00 per Unit, generating gross proceeds
of $101,200,000. Simultaneously with the consummation of the Initial Public Offering, we completed the Private Placement of an aggregate
of 472,700 Units to our Sponsor at a purchase price of $10.00 per Private Placement Unit, generating total gross proceeds of $4,727,000.
As
of September 30, 2023, we had investments of $18,032,091 held in the Trust Account. We intend to use substantially all of the funds held
in the Trust Account, including any amounts representing interest earned on the Trust Account (less taxes paid and deferred underwriting
commissions) to complete our initial Business Combination. We may withdraw interest to pay taxes. During the nine months ended September
30, 2023, we have withdrawn $90,090,439 for payment of redeemed Public Shares, and we withdrew $392,674 from the funds held in the Trust
Account to pay our 2022 annual franchise tax and our 2022 U.S. federal income tax. To the extent that our capital stock or debt is used,
in whole or in part, as consideration to complete our initial Business Combination, the remaining proceeds held in the Trust Account
will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our
growth strategies.
As
of September 30, 2023, we had cash of $8,941 outside of the Trust Account. We intend to use the funds held outside the Trust Account
primarily to complete our initial Business Combination with Mediforum Co. Ltd..
In
order to fund working capital deficiencies or finance transaction costs in connection with our initial Business Combination, our Sponsor
or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds. If we complete
our initial Business Combination, we would repay such loans. In the event that our initial Business Combination does not close, we may
use a portion of the working capital held outside the Trust Account to repay such loans but no proceeds from our Trust Account would
be used for such repayment. Up to $1,500,000 of such loans may be convertible into Units identical to the Private Placement Units, at
a price of $10.00 per Unit at the option of the lender. On August 9, 2022, we issued a non-interest-bearing promissory note to our Sponsor
for loans in the principal amount of up to $1,000,000, which is convertible into Units as described above. The note matures on the earlier
to occur of the consummation of our initial Business Combination or the date of winding up of our business. As of September 30, 2023,
we had received total advances under this note in the principal amount of $503,750.
As
of September 30, 2023, we have issued non-interest-bearing, unsecured promissory notes in the aggregate principal amount of $2,387,017
to our Sponsor to fund the extensions to the deadline to complete our initial Business Combination as described above under the heading
“Extensions” in Item 1 of Part 1 of this report. The notes mature on the earlier to occur of the consummation of our initial
Business Combination or the date of winding up of our business. These notes are not convertible into units and can not be paid out of money in the Trust Account.
In
connection with our entry into the Business Combination Agreement, we agreed to provide Newsight with up to $1 million of bridge
financing to fund Newsight’s transaction expenses in certain circumstances and subject to certain conditions in respect of the
amount of funding of Newsight. Dr. George Cho Yiu So, a principal of our Sponsor and a director of Newsight and an indirect
beneficial owner of 7.4% of Newsight’s outstanding shares, has agreed to loan such funds to us on substantially identical
terms in order to fund our obligation to make advances to Newsight. On November 4, 2022, Dr. So advanced $1,000,000 to us, which we
in turn advanced to Newsight. The bridge financing and accrued interest, of 10% per annum accrued and compounded monthly, shall be mature and be
payable upon Newsight’s receipt of $2,000,000 in financing.
If
our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating our initial Business Combination
are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial
Business Combination. Moreover, we may need to obtain additional financing either to complete our initial Business Combination or because
we become obligated to redeem a significant number of our Public Shares upon consummation of our initial Business Combination, in which
case we may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable
securities laws, we would only complete such financing simultaneously with the completion of our initial Business Combination. If we
are unable to complete our initial Business Combination because we do not have sufficient funds available to us, we will be forced to
cease operations and liquidate the Trust Account. In addition, following our initial Business Combination, if cash on hand is insufficient,
we may need to obtain additional financing in order to meet our obligations.
In
connection with our assessment of going concern considerations in accordance with FASB ASU 2014-15, “Disclosures of Uncertainties
about an Entity’s ability to Continue as a Going Concern,” we have determined that if we are unable to raise additional funds
to alleviate liquidity needs as well as complete a Business Combination by September 3, 2023 (or up to November 3, 2023 if our Sponsor
at the request of our board of directors deposits an additional $72,562.86 ($0.045 per Public Share) into the Trust Account for up to
two 1-month extensions, which may be extended to such later date as may be approved by our stockholders in an amendment to our certificate
of incorporation), then we will cease all operations except for the purpose of liquidating. The liquidity condition and the date for
mandatory liquidation and subsequent dissolution raises substantial doubt about our ability to continue as a going concern. We plan to
consummate a Business Combination prior to the mandatory liquidation date. No adjustments have been made to the carrying amounts of assets
or liabilities as a result of this uncertainty.
Off-Balance
Sheet Financing Arrangements
We
have no obligations, assets or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements.
We
have not entered any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments
of other entities, or entered any non-financial assets.
Contractual
Obligations
On
August 9, 2022, we issued a non-interest-bearing promissory note to our Sponsor for loans in the principal amount of up to $1,000,000,
which is convertible into units identical to the Placement Units, at a price of $10.00 per unit at the option of the lender. The note
matures on the earlier to occur of the consummation of our initial Business Combination or the date of winding up of our business. As
of September 30, 2023, we had received total advances under this note in the principal amount of $503,750.
As
of September 30, 2023, we have issued non-interest-bearing, unsecured promissory notes in the aggregate principal amount of $2,387,017
to our Sponsor to fund the extensions to the deadline to complete our initial Business Combination as described above under the heading
“Extensions” in Item 1 of Part 1 of this report. The notes mature on the earlier to occur of the consummation of our initial
Business Combination or the date of winding up of our business. These notes are not convertible into units and can not be paid from the money in the Trust Account
In
connection with our entry into the Business Combination Agreement, we agreed to provide Newsight with up to $1 million of bridge
financing to fund Newsight’s transaction expenses in certain circumstances and subject to certain conditions in respect of the
amount of funding of Newsight. Dr. George Cho Yiu So, a principal of our Sponsor and a director of Newsight and an indirect
beneficial owner of 7.4% of Newsight’s outstanding shares, has agreed to loan such funds to us on substantially identical
terms in order to fund our obligation to make advances to Newsight. On November 4, 2022, Dr. So advanced $1,000,000 to us, which we
in turn advanced to Newsight. The bridge financing and accrued interest, of 10% per annum accrued and compounded monthly, shall be mature and be
payable upon Newsight’s receipt of $2,000,000 in financing.
Except
for the notes issued to our Sponsor described above, we do not have any long-term debt, capital lease obligations, operating lease obligations
or long-term liabilities, other than an agreement to pay the Sponsor a monthly fee up to $10,000 for office space, utilities and secretarial
and administrative support services. We began incurring these fees on November 3, 2021 and will continue to incur these fees monthly
until the earlier of the completion of the Business Combination and our liquidation.
The
underwriters for our Initial Public Offering are entitled to a deferred fee of $3,542,000. The deferred fee will become payable to the
underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject
to the terms of the underwriting agreement.
Critical
Accounting Policies
This
management’s discussion and analysis of our financial condition and results of operations is based on our unaudited financial statements,
which have been prepared in accordance with United States generally accepted accounting principles. The preparation of these unaudited
financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and
expenses and the disclosure of contingent assets and liabilities in our unaudited financial statements. On an ongoing basis, we evaluate
our estimates and judgments, including those related to fair value of financial instruments and accrued expenses. We base our estimates
on historical experience, known trends and events and various other factors that we believe to be reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Net
Loss Per Ordinary Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the Public Warrants issued in connection
with the Initial Public Offering and the Private Warrants issued as components of the Private Placement Units since the exercise of the
Warrants are contingent upon the occurrence of future events and the inclusion of such Warrants would be anti-dilutive.
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
the shares of Class A common stock included in the Private Placement Units as these shares do not have any redemption features and do
not participate in the income earned on the Trust Account.
Class
A Common Stock Subject to Possible Redemption
All
of the Class A common stock sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the
redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in
connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate
of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock
that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain
events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve
the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although
the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its Public
Shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. However, the threshold
in its charter would not change the nature of the underlying shares as redeemable and thus Public Shares would be required to be disclosed
outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value
of redeemable common stock to equal the redemption value at the end of each reporting period, which was $17,052,474 as of September 30,
2023. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit.
In
connection with the approval of the First Charter Amendment on May 1, 2023, holders of 8,507,492 of the Company’s Public Shares
exercised their right to redeem those shares for cash at an approximate price of $10.61 per share, for an aggregate of approximately
$90.2 million, leaving 1,612,508 Company Public Shares outstanding after the May 1, 2023, stockholders meeting.
In
connection with the approval of the Second Charter Amendment on October 25, 2023, holders of 264,443 of the Company’s Public Shares
exercised their right to redeem those shares for cash at an approximate price of $10.25 per share, for an aggregate of approximately
$2.71 million, leaving 1,348,065 Company Public Shares outstanding after the October 25, 2023, stockholders meeting.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Following
the consummation of our Initial Public Offering, the net proceeds of our Initial Public Offering, including amounts in the Trust Account,
have been invested in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in certain money market funds
that invest solely in US treasuries. Due to the short-term nature of these investments, we do not believe that there will be an associated
material exposure to interest rate risk.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting
officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter
ended September 30, 2023, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation,
our principal executive officer and principal financial and accounting officer have concluded that during the period covered by this
report, our disclosure controls and procedures were effective at a reasonable assurance level and, accordingly, provided reasonable assurance
that the information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SEC’s rules and forms.
We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.
Management’s
Report on Internal Controls over Financial Reporting
This
Quarterly Report on Form 10-Q does not include a report of management’s assessment regarding internal control over financial reporting
or an attestation report of our registered public accounting firm due to a transition period established by the rules of the SEC for
newly public companies.
Changes
in Internal Control over Financial Reporting
During
the most recently completed fiscal quarter ended September 30, 2023, there was no change in our internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
To
the knowledge of our management team, there is no litigation currently pending or contemplated against us, any of our officers or directors
in their capacity as such or against any of our property.
Item
1A. Risk Factors
As
a smaller reporting company, we are not required to include risk factors in this Report. However, below is a partial list of material
risks, uncertainties and other factors that could have a material effect on the Company and its operations:
|
● |
A
new 1% U.S. federal excise tax could be imposed on us in connection with redemptions by us of our shares; |
|
|
|
|
● |
we
may be unable to realize the anticipated benefits of our initial Business Combination, and we may incur unanticipated expenses or
delays in connection with our initial Business Combination; |
|
|
|
|
● |
we
are a blank check company with no revenue or basis to evaluate our ability to select a suitable business target; |
|
|
|
|
● |
we
may not be able to select an appropriate target business or businesses and complete our initial Business Combination in the prescribed
time frame; |
|
|
|
|
● |
our
expectations around the performance of a prospective target business or businesses may not be realized; |
|
|
|
|
● |
we
may not be successful in retaining or recruiting required officers, key employees or directors following our initial Business Combination;
|
|
|
|
|
● |
our
officers and directors may have difficulties allocating their time between our Company and other businesses and may potentially have
conflicts of interest with our business or in approving our initial Business Combination; |
|
|
|
|
● |
we
may not be able to obtain additional financing to complete our initial Business Combination or reduce the number of shareholders
requesting redemption; |
|
|
|
|
● |
we
may issue our shares to investors in connection with our initial Business Combination at a price that is less than the prevailing
market price of our shares at that time; |
|
|
|
|
● |
you
may not be given the opportunity to choose the initial business target or to vote on the initial Business Combination; |
|
|
|
|
● |
Trust
Account funds may not be protected against third party claims or bankruptcy; |
|
|
|
|
● |
an
active market for our public securities’ may not develop and you will have limited liquidity and trading; |
|
|
|
|
● |
the
availability to us of funds from interest income on the Trust Account balance may be insufficient to operate our business prior to
the Business Combination; |
|
|
|
|
● |
our
financial performance following a Business Combination with an entity may be negatively affected by their lack an established record
of revenue, cash flows and experienced management;
|
|
● |
Changes
in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability
to negotiate and complete our initial Business Combination and results of operations; and |
|
|
|
|
● |
If
we pursue a target company with operations or opportunities outside of the United States for our initial Business Combination, we
may face additional burdens in connection with investigating, agreeing to and completing such initial Business Combination, and if
we effect such initial Business Combination, we would be subject to a variety of additional risks that may negatively impact our
operations. |
Item
2. Unregistered Sale of Equity Securities and Use of Proceeds.
Unregistered
Sales of Equity Securities
On
November 3, 2021, simultaneously with the consummation of the closing of our Initial Public Offering, we consummated the Private Placement
of an aggregate of 426,500 Private Placement Units to our Sponsor at a price of $10.00 per Private Placement Unit, generating total gross
proceeds of $4,265,000. Additionally, on November 3, 2021, simultaneously with the exercise by the underwriters of the overallotment,
we consummated the Private Placement of an additional 46,200 Private Placement Units to the Sponsor, generating gross proceeds of $462,000.
No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
The
Private Placement Warrants are identical to the Public Warrants except that (1) the Private Placement Warrants (including shares issuable
upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the closing of our
initial Business Combination (except, among other limited exceptions, to our officers and directors and other persons or entities affiliated
with our Sponsor), and subject to securities laws restrictions regarding sale of private securities and (2) holders of our Private Placement
Warrants are entitled to certain registration rights as described in Note 6 to our unaudited financial statements included in Item 1
above.
Use
of Proceeds from the Public Offering
On
November 3, 2021, the Company consummated its Initial Public Offering of 8,800,000 Units at $10.00 per Unit, generating gross proceeds
of $88,000,000, and incurring offering costs of $7,520,024, of which $3,542,000 was for deferred underwriting commissions (which amount
includes deferred underwriting commissions attributable to the exercise of the underwriters’ election of their over-allotment option,
as described below). The Company granted the underwriter a 45-day option to purchase up to an additional 1,320,000 Units at the Initial
Public Offering price to cover over-allotments.
Additionally,
on November 3, 2021, the Company consummated the closing of the sale of 1,320,000 additional Units at a price of $10.00 per Unit upon
receiving notice of the underwriters’ election to fully exercise their overallotment option, generating additional gross proceeds
of $13,200,000 and incurred additional offering costs of $264,000 in underwriting fees. Each Unit consists of one share of Class A common
stock of the Company and three-quarters of one redeemable Warrant, with each whole Warrant entitling the holder thereof to purchase one
share of Class A Common Stock for $11.50 per share.
The
securities sold in the Public Offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-259766).
The SEC declared the registration statement effective on October 29, 2021.
Of
the gross proceeds received from the Initial Public Offering and the Private Placement Units, $102,718,000 was placed in the Trust Account.
We paid a total of $2,024,000 in underwriting discounts and commissions and $436,024 for other costs and expenses related to the Initial
Public Offering. In addition, the underwriters agreed to defer $3,542,000 in underwriting discounts and commission.
Following
the closing of the Initial Public Offering and full exercise of underwriter’s over-allotment option, $953,522 of cash was held
outside of the Trust Account available for working capital purposes.
On
October 28, 2022, at the request of our Sponsor, our board of directors extended the period of time to consummate a Business
Combination to February 3, 2023, our Sponsor deposited $1,012,000 (representing $0.10 per public unit sold in our initial public
offering) into the Trust Account, and we issued to our Sponsor a non-interest bearing, unsecured promissory note in that amount. On
February 2, 2023, at the request of our Sponsor, we extended period of time to consummate a Business Combination a second time to
May 3, 2023, our Sponsor deposited $1,012,000 (representing $0.10 per public unit sold in our initial public offering) into the
Trust Account, and we issued to our Sponsor a second non-interest bearing, unsecured promissory note in that amount. On June 2,
2023, our Sponsor deposited $72,765.20 to extend the period of time to consummate a Business combination to July 3, 2023. On
September 30, 2023, our Sponsor deposited $72,562.86 to extend the period of time to consummate a Business combination to August 3,
2023. On August 1, 2023, our Sponsor further deposited $72,562.86 to extend the period of time to consummate a Business combination
to September 3, 2023. On September 1, 2023, our Sponsor further deposited $72,562.86 to extend the period of time to consummate a
Business combination to October 3, 2023.On October 1, 2023, our Sponsor further deposited $72,562.86 to extend the period of time to
consummate a Business combination to November 3, 2023. On November 1, 2023, our Sponsor further deposited $60,000 to extend the
period of time to consummate a Business combination to December 3, 2023. On December 1, 2023, our Sponsor further deposited $60,000
to extend the period of time to consummate a Business combination to January 3, 2024. On February 3, 2024, our Sponsor deposited
$60,000 into the Company’s Trust Account to extend its initial Business Combination from February 3, 2024, to March 3, 2024.
If we do not complete the Business Combination by March 3, 2024 (or up to May 3, 2024 if our Sponsor at the request of our board
of directors deposits an additional $60,000 into the Trust Account for up to two 1-month extensions, which may be extended to such
later date as may be approved by our stockholders in an amendment to our certificate of incorporation), then our existence will
terminate, and we will distribute all amounts in the Trust Account.
As
of September 30, 2023, we have available to us $8,941 of cash on our balance sheet and a working capital of $9,309,144.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
Applicable
Item
5. Other Information
None.
Item
6. Exhibits
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
* |
|
Filed
herewith. |
** |
|
Furnished. |
(1) |
|
Incorporated
by reference to the Company’s Form 8-K filed with the SEC on May 2, 2023. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
VISION
SENSING ACQUISITION CORP. |
|
|
|
Date:
February 7, 2024 |
By: |
/s/
George Peter Sobek |
|
|
George
Peter Sobek |
|
|
Chief
Executive Officer |
Date:
February 7, 2024 |
By: |
/s/
Hang Kon Louis Ma |
|
|
Hang
Kon Louis Ma
Chief
Financial Officer |
Exhibit
31.1
CERTIFICATIONS
I,
George Peter Sobek, certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, of Vision Sensing Acquisition Corp.; |
|
|
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
February 7, 2024 |
By: |
/s/
George Peter Sobek |
|
|
George
Peter Sobek |
|
|
Chairman
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
Hang Kon Louis Ma, certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, of Vision Sensing Acquisition Corp.; |
|
|
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
February 7, 2024 |
By: |
/s/
Hang Kon Louis Ma |
|
|
Hang
Kon Louis Ma |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADDED BY
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Vision Sensing Acquisition Corp. (the “Company”) on Form 10-Q for the quarter ended
September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, George Peter Sobek, Chairman
and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act
of 2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the Report. |
Date:
February 7, 2024 |
By: |
/s/
George Peter Sobek |
|
|
George
Peter Sobek |
|
|
Chairman
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADDED BY
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Vision Sensing Acquisition Corp. (the “Company”) on Form 10-Q for the quarter ended
September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Hang Kon Louis Ma, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
To
my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results
of operations of the Company as of and for the period covered by the Report. |
Date:
February 7, 2024 |
By: |
/s/
Hang Kon Louis Ma |
|
|
Hang
Kon Louis Ma |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
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Entity File Number |
001-40983
|
|
Entity Registrant Name |
Vision
Sensing Acquisition Corp.
|
|
Entity Central Index Key |
0001883983
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Entity Tax Identification Number |
87-2323481
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v3.24.0.1
Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 8,941
|
$ 71,650
|
Other receivable |
|
10,000
|
Prepaid expense |
|
28,153
|
Cash and Marketable Securities held in trust account |
18,032,091
|
|
Total Current Assets |
18,041,032
|
109,803
|
Cash and Marketable Securities held in trust account |
|
105,082,318
|
Total Assets |
18,041,032
|
105,192,121
|
Current liabilities |
|
|
Accrued expenses |
125,000
|
|
Account payables |
1,614,340
|
640,448
|
Working capital loan |
503,750
|
333,900
|
Extension loan |
2,387,017
|
1,012,000
|
Income tax payable |
409,781
|
5,000
|
Franchise tax payable |
150,000
|
209,511
|
Deferred underwriter commission |
3,542,000
|
|
Total Current Liabilities |
8,731,888
|
2,200,859
|
Deferred underwriter commission |
|
3,542,000
|
Total Liabilities |
8,731,888
|
5,742,859
|
Commitments and Contingencies |
|
|
Class A common stock subject to possible redemption; 1,612,508 shares at $10.58 per share at September 30, 2023 and 10,120,000 shares at $10.25 per share at December 31, 2022 |
17,052,474
|
103,730,000
|
Shareholders’ Deficit |
|
|
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
(7,743,630)
|
(4,281,038)
|
Total Shareholders’ Deficit |
(7,743,330)
|
(4,280,738)
|
Total Liabilities, Redeemable Class A Common Stock and Shareholders’ Deficit |
18,041,032
|
105,192,121
|
Common Class A [Member] |
|
|
Shareholders’ Deficit |
|
|
Common stock, value |
47
|
47
|
Common Class B [Member] |
|
|
Shareholders’ Deficit |
|
|
Common stock, value |
$ 253
|
$ 253
|
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v3.24.0.1
Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Temporary equity, shares outstanding |
1,612,508
|
10,120,000
|
Temporary equity, redemption price per share |
$ 10.58
|
$ 10.25
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
472,700
|
472,700
|
Common stock, shares outstanding |
472,700
|
472,700
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, shares issued |
2,530,000
|
2,530,000
|
Common stock, shares outstanding |
2,530,000
|
2,530,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.0.1
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Formation and operating costs |
$ (255,183)
|
$ (755,596)
|
$ (1,373,041)
|
$ (1,145,828)
|
Franchise tax expenses |
(50,000)
|
(15,462)
|
(152,953)
|
(46,386)
|
Loss from operations |
(305,183)
|
(771,058)
|
(1,525,994)
|
(1,192,214)
|
Other income (expenses) |
|
|
|
|
Interest earned on marketable securities held in trust account |
230,878
|
463,661
|
2,057,870
|
612,720
|
Income (loss) before provision for income taxes: |
(74,305)
|
(307,397)
|
531,874
|
(579,494)
|
Provision for income taxes |
(218,885)
|
|
(581,553)
|
|
Net income (loss) |
$ (293,190)
|
$ (307,397)
|
$ (49,679)
|
$ (579,494)
|
Common Class A [Member] |
|
|
|
|
Other income (expenses) |
|
|
|
|
Weighted average shares outstanding of common stock, Basic |
2,085,208
|
10,592,700
|
5,838,513
|
8,274,928
|
Weighted average shares outstanding of common stock, Diluted |
2,085,208
|
10,592,700
|
5,838,513
|
8,274,928
|
Basic net income (loss) per common stock |
$ (0.06)
|
$ (0.01)
|
$ 0.07
|
$ (0.04)
|
Diluted net income (loss) per common stock |
$ (0.06)
|
$ (0.01)
|
$ 0.07
|
$ (0.04)
|
Common Class B [Member] |
|
|
|
|
Other income (expenses) |
|
|
|
|
Weighted average shares outstanding of common stock, Basic |
2,530,000
|
2,530,000
|
2,530,000
|
2,530,000
|
Weighted average shares outstanding of common stock, Diluted |
2,530,000
|
2,530,000
|
2,530,000
|
2,530,000
|
Basic net income (loss) per common stock |
$ (0.07)
|
$ (0.06)
|
$ (0.18)
|
$ (0.11)
|
Diluted net income (loss) per common stock |
$ (0.07)
|
$ (0.06)
|
$ (0.18)
|
$ (0.11)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.0.1
Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 47
|
$ 253
|
|
$ (3,121,642)
|
$ (3,121,342)
|
Balance, shares at Dec. 31, 2021 |
472,700
|
2,530,000
|
|
|
|
Net income (loss) |
|
|
|
(154,102)
|
(154,102)
|
Balance at Mar. 31, 2022 |
$ 47
|
$ 253
|
|
(3,275,744)
|
(3,275,444)
|
Balance, shares at Mar. 31, 2022 |
472,700
|
2,530,000
|
|
|
|
Balance at Dec. 31, 2021 |
$ 47
|
$ 253
|
|
(3,121,642)
|
(3,121,342)
|
Balance, shares at Dec. 31, 2021 |
472,700
|
2,530,000
|
|
|
|
Net income (loss) |
|
|
|
|
(579,494)
|
Balance at Sep. 30, 2022 |
$ 47
|
$ 253
|
|
(3,701,136)
|
(3,700,836)
|
Balance, shares at Sep. 30, 2022 |
472,700
|
2,530,000
|
|
|
|
Balance at Mar. 31, 2022 |
$ 47
|
$ 253
|
|
(3,275,744)
|
(3,275,444)
|
Balance, shares at Mar. 31, 2022 |
472,700
|
2,530,000
|
|
|
|
Net income (loss) |
|
|
|
(117,995)
|
(117,995)
|
Balance at Jun. 30, 2022 |
$ 47
|
$ 253
|
|
(3,393,739)
|
(3,393,439)
|
Balance, shares at Jun. 30, 2022 |
472,700
|
2,530,000
|
|
|
|
Net income (loss) |
|
|
|
(307,397)
|
(307,397)
|
Balance at Sep. 30, 2022 |
$ 47
|
$ 253
|
|
(3,701,136)
|
(3,700,836)
|
Balance, shares at Sep. 30, 2022 |
472,700
|
2,530,000
|
|
|
|
Balance at Dec. 31, 2022 |
$ 47
|
$ 253
|
|
(4,281,038)
|
(4,280,738)
|
Balance, shares at Dec. 31, 2022 |
472,700
|
2,530,000
|
|
|
|
Net income (loss) |
|
|
|
722,311
|
722,311
|
Additional amount deposited into trust |
|
|
|
(1,012,000)
|
(1,012,000)
|
Balance at Mar. 31, 2023 |
$ 47
|
$ 253
|
|
(4,570,727)
|
(4,570,427)
|
Balance, shares at Mar. 31, 2023 |
472,700
|
2,530,000
|
|
|
|
Balance at Dec. 31, 2022 |
$ 47
|
$ 253
|
|
(4,281,038)
|
(4,280,738)
|
Balance, shares at Dec. 31, 2022 |
472,700
|
2,530,000
|
|
|
|
Net income (loss) |
|
|
|
|
(49,679)
|
Balance at Sep. 30, 2023 |
$ 47
|
$ 253
|
|
(7,430,630)
|
(7,743,330)
|
Balance, shares at Sep. 30, 2023 |
472,700
|
2,530,000
|
|
|
|
Balance at Mar. 31, 2023 |
$ 47
|
$ 253
|
|
(4,570,727)
|
(4,570,427)
|
Balance, shares at Mar. 31, 2023 |
472,700
|
2,530,000
|
|
|
|
Net income (loss) |
|
|
|
(478,800)
|
(478,800)
|
Additional amount deposited into trust |
|
|
|
(217,891)
|
(217,891)
|
Re-measurement of Class A Common Stock Subject to Possible Redemption |
|
|
|
(2,037,897)
|
(2,037,897)
|
Balance at Jun. 30, 2023 |
$ 47
|
$ 253
|
|
(7,305,315)
|
(7,305,015)
|
Balance, shares at Jun. 30, 2023 |
472,700
|
2,530,000
|
|
|
|
Net income (loss) |
|
|
|
(293,190)
|
(293,190)
|
Additional amount deposited into trust |
|
|
|
(145,125)
|
(145,125)
|
Balance at Sep. 30, 2023 |
$ 47
|
$ 253
|
|
$ (7,430,630)
|
$ (7,743,330)
|
Balance, shares at Sep. 30, 2023 |
472,700
|
2,530,000
|
|
|
|
X |
- DefinitionAccretion of class ordinary shares to redemption amount.
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v3.24.0.1
Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ (293,190)
|
$ 722,311
|
$ (307,397)
|
$ (154,102)
|
$ (49,679)
|
$ (579,494)
|
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
Interest earned on marketable securities held in trust account |
(230,878)
|
|
(463,661)
|
|
(2,057,870)
|
(612,720)
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
28,153
|
9,946
|
|
Accounts payable |
|
|
|
|
973,893
|
724,030
|
|
Accrued expenses |
|
|
|
|
125,000
|
|
|
Franchise tax payable |
|
|
|
|
(59,511)
|
(30,923)
|
|
Income tax payable |
|
|
|
|
404,781
|
|
|
Other receivable |
|
|
|
|
10,000
|
|
|
Net cash used in operating activities |
|
|
|
|
(625,233)
|
(489,161)
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Cash withdraw from trust account |
|
|
|
|
90,483,113
|
|
|
Investment of cash in trust account |
|
|
|
|
(363,017)
|
|
|
Net cash provided by investing activities |
|
|
|
|
90,120,096
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Working capital loan |
|
|
|
|
169,850
|
66,000
|
|
Extension loan |
|
|
|
|
363,017
|
|
|
Payment to redeemed shareholders |
|
|
|
|
(90,090,439)
|
|
|
Net cash used in financing activities |
|
|
|
|
(89,557,572)
|
66,000
|
|
Net change in cash |
|
|
|
|
(62,709)
|
(423,161)
|
|
Cash at the beginning of the period |
|
$ 71,650
|
|
$ 499,301
|
71,650
|
499,301
|
499,301
|
Cash at the end of the period |
$ 8,941
|
|
$ 76,140
|
|
$ 8,941
|
$ 76,140
|
$ 71,650
|
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v3.24.0.1
Description of Organization and Business Operations
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Organization and Business Operations |
Note
1 — Description of Organization and Business Operations
Vision
Sensing Acquisition Corp. (the “Company”) is a blank check company incorporated in the State of Delaware on August
13, 2021. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with,
purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business
combination with one or more businesses or entities (“Business Combination”). The Company is an emerging growth company
and, as such, the Company is subject to all of the risks associated with emerging growth companies.
As
of September 30, 2023, the Company had not commenced any operations. All activity for the period from August 13, 2021 (inception) through
September 30, 2023, relates to the Company’s formation, the Offering (as defined below), the Company’s search for acquisition
targets and due diligence, the negotiation of the Business Combination Agreement (as defined below) and assisting Newsight Imaging Ltd.
in the preparation and filing of its Registration Statement on Form F-4 and amendments thereto. The Company will not generate any operating
revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income on cash and cash equivalents from the proceeds derived from the Offering. The Company has selected December
31 as its fiscal year end.
The
Company’s sponsor is Vision Sensing LLC, a Delaware limited liability company (the “Sponsor”). The registration
statement for the Company’s Initial Public Offering was declared effective on October 29, 2021.
On
November 3, 2021, the Company consummated its Initial Public Offering of 8,800,000 units (together with the Overallotment Units as defined
below, the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public
Shares”), at $10.00 per Unit, generating gross proceeds of $88,000,000, and incurring offering costs of $7,520,024, of which
$3,542,000 was for deferred underwriting commissions (which amount includes deferred underwriting commissions attributable to the exercise
of the underwriters’ election of their over-allotment option, as described below) (see Note 6). The Company granted the underwriter
a 45-day option to purchase up to an additional 1,320,000 Units at the Initial Public Offering price to cover over-allotments.
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of units
(the “Private Placement Units”) to the Sponsor, at a price of $ per Private Placement Unit, generating total
gross proceeds of $ (the “Private Placement”) (see Note 4).
Additionally,
on November 3, 2021, the Company consummated the closing of the sale of 1,320,000 additional units at a price of $10.00 per unit (the
“Overallotment Units”) upon receiving notice of the underwriters’ election to fully exercise their overallotment
option, generating additional gross proceeds of $13,200,000 and incurred additional offering costs of $264,000 in underwriting fees.
Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”),
and three-quarters of one redeemable warrant of the Company, with each whole Warrant (a “Warrant” and the Warrants
included in the Units issued to the public in our Initial Public Offering, the “Public Warrants”) entitling the holder
thereof to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment, pursuant to the Company’s registration
statement on Form S-1 (File No. 333-259766).
Simultaneously
with the exercise of the overallotment, the Company consummated the Private Placement of an additional Private Placement Units
to the Sponsor, generating gross proceeds of $.
A
total of $, comprised of the proceeds from the Offering and the proceeds of private placements that each closed on November
3, 2021, net of the underwriting commissions, discounts, and offering expenses, was deposited in a Trust Account (“Trust Account”)
which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment
company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined
by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to
the Company’s stockholders, as described below.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Transaction
costs of the Initial Public Offering with the exercise of the overallotment amounted to $7,520,024 consisting of $2,024,000 of cash underwriting
fees, $3,542,000 of deferred underwriting fees and $436,024 of other costs.
Following
the closing of the Initial Public Offering $953,522 of cash was held outside of the Trust Account available for working capital purposes.
As of September 30, 2023, we have available to us $8,941 of cash on our balance sheet and a working capital of $9,309,144.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions
and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter into a Business
Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more
of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to
be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able
to successfully effect a Business Combination.
The
Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity
to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder
meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination,
the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek
to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business
Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation
of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination.
Proposed
Business Combination
On
August 30, 2022, the Company entered into a Business Combination Agreement (the “Original Business Combination Agreement”
and as it has been amended and may be further amended or restated, the “Business Combination Agreement”) with Newsight
Imaging Ltd., an Israeli company (“Newsight”), and Newsight MergerSub, Inc., a Delaware corporation and wholly owned
subsidiary of Newsight (“Merger Sub”).
Pursuant
to the Business Combination Agreement, at the closing (the “Closing”) of the transactions contemplated thereunder
(collectively, the “Transactions”), and following the Recapitalization and the PIPE Investment (as each such term
is defined and described in the Business Combination Agreement), (i) Merger Sub will merge with and into the Company, with the Company
continuing as the surviving entity and a wholly owned subsidiary of Newsight (the “Merger”); (ii) the common stock
of the Company (including Class A common stock and Class B common stock) will be converted into ordinary shares of Newsight (“Newsight
Ordinary Shares”) on a one-for-one basis; (iii) warrants to purchase the Company’s common stock will instead become eligible
to purchase the same number of Newsight Ordinary Shares at the same exercise price and for the same exercise period; (iv) the Company
will become a wholly owned subsidiary of Newsight; and (v) the Company will change its corporate name to Newsight HoldCo, Inc., and will
have a restated certificate of incorporation appropriate for a private corporation.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Prior
to the Closing, but subject to the completion of the Closing, Newsight will effect a recapitalization of its outstanding equity securities
(the “Recapitalization”) so that the only class of outstanding equity of Newsight will be the Newsight Ordinary Shares
(and certain options and warrants that are exercisable for Newsight Ordinary Shares). To effect the Recapitalization, (i) Newsight will
effect a recapitalization of the Newsight Ordinary Shares so that the holders of the then outstanding Newsight Ordinary Shares will have
shares valued at $10.00 per share having a total value of $215,000,000; and (ii) with respect to outstanding options to purchase Newsight
Ordinary Shares, the number of Newsight Ordinary Shares issuable upon exercise of such security will be multiplied by the Conversion
Ratio, as defined in the Business Combination Agreement, and the exercise price of such security will be divided by the Conversion Ratio.
The Business Combination Agreement does not provide for any post-closing purchase price adjustments.
The
Business Combination Agreement and related agreements are further described in our Current Report on Form 8-K filed with the SEC on September
6, 2022.
On
January 19, 2023, the Company, Newsight and Merger Sub entered into an Amendment No. 1 to Business Combination Agreement (the “First
BCA Amendment”) to amend Article 40.1(a) of Exhibit H to the Original Business Combination Agreement (the form of Amended and
Restated Articles of Association of Newsight that will become effective in connection with consummation of the Business Combination)
to provide that the U.S. federal district courts will have exclusive jurisdiction to resolve complaints asserting a cause of action under
the Securities Exchange Act of 1934, as amended. On January 29, 2023, the Company, Newsight and Merger Sub entered into Amendment No.
2 to Business Combination Agreement (the “Second BCA Amendment”) to amend the definition of “Outside Date”
in Section 10.1 in the Original Business Combination Agreement to change the Outside Date from February 3, 2023 to May 3, 2023. The amendment
extends the Outside Date to match the new deadline for the Company under its organizational documents to complete its initial Business
Combination.
Newsight
Registration Statement on Form F-4
Newsight
filed a Registration Statement on Form F-4 with the SEC on December 8, 2022 to register the issuance of the Newsight Ordinary Shares
that will be issued at the consummation of the Business Combination, the warrants exercisable for Newsight Ordinary Shares that will
result from the amendment of the Company’s public warrants at the consummation of the Business Combination and the Newsight Ordinary
Shares issuable upon exercise of such warrants. Newsight filed an Amendment No. 1 thereto on January 20, 2023, an Amendment No. 2 thereto
on February 13, 2023 and an Amendment No. 3 thereto on March 27, 2023. We use the term “Newsight Form F-4” to refer
to the original registration statement as amended by the three amendments and as it may be subsequently further amended.
Termination
of Newsight agreement
On
December 9, 2023, the Company, Newsight and Merger Sub entered into a Mutual Termination Agreement (the “Mutual Termination Agreement”)
pursuant to which they terminated the Business Combination Agreement by mutual agreement in accordance with Section 7.1(a) thereof, and
each party, on behalf of itself and its agents, released, waived and forever discharged the other parties and their agents of and from
any and all obligation or liability arising under the Business Combination Agreement. The Company and Newsight determined to mutually
terminate the Business Combination Agreement because of challenging global economic conditions.
The
Company will provide its Public Stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion
of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means
of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination
at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against
a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least
$5,000,001 either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval,
a majority of the outstanding shares voted are voted in favor of the Business Combination.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
The
Company’s amended and restated certificate of incorporation originally provided that we have up to 12 months from the closing of
our IPO, or until November 3, 2022, to consummate an initial Business Combination; however, if we anticipated that we may not be able
to consummate a Business Combination within 12 months, we could, by resolution of our board of directors if requested by our Sponsor,
extend the period of time to consummate a Business Combination up to two times, each by an additional three months (for a total of up
to 18 months, or until May 3, 2023), subject to our Sponsor depositing additional funds into the Trust Account.
Merger
Agreement with Mediforum
On
January 12, 2024, Vision Sensing Acquisition Corp. (SPAC), a Delaware corporation, entered into an Agreement and Plan of Merger (the “Merger
Agreement”) with Mediforum Co. Ltd., a registered company organized under the laws of the Republic of Korea.
Prior to the Closing, Mediforum will restructure and
redomesticate (“Restructuring and Redomestication”) to the British Virgin Islands (the “BVI Company”)
Pursuant
to the terms of the Merger Agreement, a new British Virgin Islands business company (“PubCo”), a British Virgin Islands company
and a wholly owned direct subsidiary of PubCo (“Merger Sub 1”), and a Delaware limited liability company and a wholly owned
direct subsidiary of PubCo (“Merger Sub 2”) will be formed no later than the business day immediately prior to February 15,
2024 (the “Amendment Date”), for the purpose of participating in the transactions contemplated by the Merger Agreement, including,
without limitation, (a) the merger of Merger Sub 1 with and into the BVI Company, with the BVI Company surviving such merger as a wholly
owned subsidiary of PubCo (the “Initial Merger”), and (b) the merger of Merger Sub 2 with and into SPAC, with SPAC surviving
such merger as a wholly owned subsidiary of PubCo (the “SPAC Merger” and together with the Initial Merger, the “Mergers”,
and together with the other transactions contemplated by the Merger Agreement and the other agreements contemplated thereby, the “Transactions”).
The requisite members of the board of directors of SPAC (the “Board”) have (i) approved and declared advisable the Merger
Agreement and the Transactions and (ii) resolved to recommend the approval and adoption of the Merger Agreement and the Transactions
by the stockholders of SPAC.
The
consideration for the Mergers (the “Merger Consideration”) will be $250,000,000. The Merger Consideration will be payable
100% in 25,000,000 PubCo ordinary shares valued at $10.00 per share.
First
Charter Amendment
In
a special meeting held on May 1, 2023, the Company’s stockholders approved a First Amendment (the “First Charter Amendment”)
to the Company’s amended and restated certificate of incorporation, changing the structure and cost of the Company’s right
to extend the date (the “Termination Date”) by which the Company must either complete its initial Business Combination
or else (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten
business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to us to pay our taxes
(less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption
will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions,
if any), subject to applicable law, (iii) as promptly as reasonably possible following such redemption, subject to the approval of our
remaining stockholders and our board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to our
obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
The
First Charter Amendment allows the Company to extend the Termination Date from May 3, 2023 by up to six 1-month extensions to November
3, 2023, provided that (i) the Company’s Sponsor (or its affiliates or permitted designees) will deposit into the Company’s
Trust Account the lesser of (x) $100,000 or (y) $0.045 per share for each Public Share outstanding as of the applicable deadline date
for each such one-month extension until November 3, 2023 unless the closing of the Company’s initial Business Combination shall
have occurred (the “Extension Payment”) in exchange for a non-interest bearing, unsecured promissory note payable
upon consummation of a Business Combination. In connection with the approval of the First Charter Amendment on May 1, 2023, holders of
8,507,492 of the Company’s Public Shares exercised their right to redeem those shares for cash at an approximate price of $10.61
per share, for an aggregate of approximately $90.2 million, leaving 1,612,508 Public Shares outstanding after the May 1, 2023 stockholders
meeting. Thus, the Extension Payment for a one-month extension is $72,562.86.
In
connection with the First Charter Amendment, the Company amended the Trust Agreement by entering into Amendment No. 1 to Investment Management
Trust Agreement dated May 1, 2023, by and between the Company and Continental, which conforms the extension procedures in the Trust Agreement
to the procedures in the First Charter Amendment.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Second
Charter Amendment
In
a special meeting held on October 25, 2023, the Company’s stockholders approved a Second Amendment (the “Second Charter
Amendment”) to the Company’s amended and restated certificate of incorporation, giving the Company the right to extend
the date (the “Termination Date”) by which the Company must (i) consummate a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses (a “business
combination”), or else (ii) cease its operations if it fails to complete such business combination, and redeem or repurchase 100%
of the Company’s Class A common stock included as part of the units sold in the Company’s initial public offering that was
closed on November 3, 2021 (the “IPO”) from November 3, 2023 (the “Termination Date”) by up to six (6) one-month
extensions to May 3, 2024 (the “Extension Amendment Proposal”).
The
Second Charter Amendment allows the Company to extend the Termination Date from November 3, 2023 by up to six 1-month extensions to May
3, 2024, provided that (i) the Company’s Sponsor (or its affiliates or permitted designees) will deposit into the Company’s
Trust Account the lesser of (x) $60,000 or (y) $0.04 per share for each Public Share outstanding as of the applicable deadline date for
each such one-month extension until May 3, 2024 unless the closing of the Company’s initial Business Combination shall have occurred
(the “Extension Payment”) in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
of a Business Combination. In connection with the voting on the Extension Amendment Proposal and the Trust Amendment Proposal at the
special meeting, holders of 264,443 shares of Class A Common Stock exercised their right to redeem those shares for cash.
In
connection with the Second Charter Amendment, the Company amended the Trust Agreement by entering into Amendment No. 2 to Investment
Management Trust Agreement dated October 25, 2023, by and between the Company and Continental, which conforms the extension procedures
in the Trust Agreement to the procedures in the Second Charter Amendment.
Extensions
On
October 28, 2022 and again on February 2, 2023, at the request of our Sponsor, our board of directors extended the period of time to
consummate a Business Combination to February 3, 2023 and May 3, 2023, respectively, our Sponsor deposited $ (representing $
per public unit sold in our initial public offering) into the Trust Account for each extension (for a total of $), and we issued
to our Sponsor a non-interest bearing, unsecured promissory note in that amount. On May 1, 2023, at the request of our Sponsor, our board
of directors extended the period of time to consummate a Business combination to June 5, 2023, our Sponsor deposited $ (representing
$ per outstanding Public Share of our Class A common stock) into the Trust Account, and we issued to our Sponsor a non-interest
bearing, unsecured promissory note in that amount. On June 2, 2023, our Sponsor deposited $ to extend the period of time to
consummate a Business combination to July 3, 2023. On June 30, 2023, our Sponsor deposited $ to extend the period of time to
consummate a Business combination to August 3, 2023. On August 1, 2023, our Sponsor further deposited $ to extend the period
of time to consummate a Business combination to September 3, 2023. On September 1, 2023, our Sponsor further deposited $ to
extend the period of time to consummate a Business combination to October 3, 2023. On October 1, 2023, our Sponsor further deposited
$ to extend the period of time to consummate a Business combination to November 3, 2023.
On
November 1, 2023, our Sponsor further deposited $ to extend the period of time to consummate a Business combination to December
3, 2023. On December 1, 2023, our Sponsor further deposited $ to extend the period of time to consummate a Business combination
to January 3, 2024. On January 3, 2024, our sponsor deposited $ into the Company’s trust account to extend its initial
business combination from January 3, 2024 to February 3, 2024. On February 3, 2024, our Sponsor deposited $ to extend the Company’s Trust Account to extend its initial business combination from February 3, 2024 to March 3, 2024.
If
the Company is unable to complete a Business Combination by March 3, 2024 (which can be extended to May 3, 2024 if our Sponsor
deposits an additional $
into the Trust Account for each of up to two additional 1-month extensions or such later date as may be approved by the
Company’s stockholders in accordance with the Company’s certificate of incorporation), the Company will (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
Trust Account including interest earned on the funds held in the Trust Account and not previously released to us to pay our taxes
(less up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely
extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if
any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above
to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly,
it is our intention to redeem our Public Shares as soon as reasonably possible following October 25, 2023 (or up to May 3, 2024 if
our Sponsor at the request of our board of directors deposits an additional $60,000
($0.045
per Public Share) into the Trust Account for up to two 1-month extensions, or as extended by the Company’s stockholders in
accordance with our certificate of incorporation) and, therefore, we do not intend to comply with those procedures. As such, our
stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any
liability of our stockholders may extend well beyond the third anniversary of such date.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Our
Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than the independent public accounting
firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter
of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to
below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date
of the liquidation of the Trust Account, if less than $10.15 per Public Share due to reductions in the value of the trust assets, less
taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed
a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply
to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities
under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently
verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and believe that our Sponsor’s only assets
are securities of our company. Therefore, we cannot assure you that our Sponsor would be able to satisfy those obligations. None of our
officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective
target businesses.
Liquidity
and Management’s Plans
Prior
to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable
period of time, which is considered to be one year from the issuance date of the financial statements. The Company has since
completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used to
fund offering expenses was released to the Company for general working capital purposes. Accordingly, management has since
re-evaluated the Company’s liquidity and financial condition and determined that the company may not have sufficient capital
exists to sustain operations through the earlier of the consummation of a Business Combination or one year from this filing and
therefore substantial doubt has not been alleviated. There is no assurance that the Company’s plans to consummate an initial
Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Additionally,
as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related
economic sanctions, the Company’s ability to consummate a Business Combination, or the operations of a target business with which
the Company ultimately consummates a Business Combination, may be materially and adversely affected. Further, the Company’s ability
to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events,
including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms
acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on
the Company’s financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable.
The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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v3.24.0.1
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United
States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and note disclosures
normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed
or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the
information not misleading. The interim financial statements as of September 30, 2023 and for the nine months ended September 30, 2023
and September 30, 2022 respectively, are unaudited. In the opinion of management, the interim financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim periods. The accompanying
balance sheet as of December 31, 2022, is derived from the audited financial statements presented in the Company’s Annual Report
on Form 10-K for fiscal the year ended December 31, 2022.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $8,941 in cash and no cash equivalents as of September
30, 2023 and $71,650 in cash and no cash equivalents as of December 31, 2022.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were $5,000 of unrecognized tax benefits as of September 30, 2023 and December 21, 2022 and no amounts accrued for
interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals
or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
The
provision for income taxes was $581,553 for the nine months ended September 30, 2023 and $0 for the nine months ended September 30, 2022.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) are classified as a liability
instrument and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) are classified as temporary equity. At all other times, shares are classified as stockholders’
equity. The Company’s Class A Common Stock features certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events. On May 15, 2023, in connection with the approval by the Company’s
stockholders of the First Charter Amendment, the Company redeemed 8,507,492 shares of the Company’s Class A Common Stock for an
aggregate redemption payment from the Trust Account of $90,090,439. On September 30, 2023, there were 1,612,508 shares of Class A Common
Stock subject to possible redemption. On December 31, 2022 there were 10,120,000 shares of Class A Common Stock subject to possible redemption.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
As
of September 30, 2023 and December 31,2022, the Class A Common Stock reflected on the balance sheet are reconciled in the following table:
Schedule of Class A Common Stock Reflected on
the Balance Sheet
| |
For the Nine months Ended September 30, 2023 | | |
For the Year Ended December 31, 2022 | |
Contingently redeemable Class A Common Stock – Opening Balance | |
$ | 103,730,000 | | |
$ | 102,718,000 | |
Re-measurement of Class A Common Stock Subject to Possible Redemption | |
| 3,412,913 | | |
| 1,012,000 | |
Payment to redeemed shareholders | |
| (90,090,439 | ) | |
| - | |
Contingently redeemable Class A Common Stock - Ending Balance | |
| 17,052,474 | | |
| 103,730,000 | |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. At September 30, 2023 and December 31, 2022, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
Schedule
of Basic and Diluted Net Income Loss Per Common share
| |
For the Three months Ended September 30, 2023 | | |
For the Three months Ended September 30, 2022 | | |
For the
Nine months Ended September 30, 2023 | | |
For the
Nine months Ended September 30, 2022 | |
Class A common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class A common stock | |
$ | (125,892 | ) | |
$ | (158,741 | ) | |
$ | 411,666 | | |
$ | (300,334 | ) |
Denominator: weighted average number of Class A common stock | |
| 2,085,208 | | |
| 10,592,700 | | |
| 5,838,513 | | |
| 8,274,928 | |
Basic and diluted net income (loss) per redeemable Class A common stock | |
$ | (0.06 | ) | |
$ | (0.01 | ) | |
$ | 0.07 | | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Class B common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to non-redeemable Class B common stock | |
$ | (167,297 | ) | |
$ | (148,656 | ) | |
$ | (461,345 | ) | |
$ | (279,160 | ) |
Denominator: weighted average number of Class B common stock | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | |
Basic and diluted net income (loss) per Class B common stock | |
| (0.07 | ) | |
| (0.06 | ) | |
$ | (0.18 | ) | |
$ | (0.11 | ) |
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
|
● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets. This is the level
that the Marketable Securities Held in Trust Account are considered (being $18,032,091 as of September 30, 2023 and $105,082,318
as of December 31, 2022); |
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
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v3.24.0.1
Public Offering
|
9 Months Ended |
Sep. 30, 2023 |
Public Offering |
|
Public Offering |
Note
3 —Public Offering
Pursuant
to the Initial Public Offering and full exercise underwriter’s overallotment option, the Company sold 10,120,000 Units at a purchase
price of $10.00 per Unit. Each Unit consists of one common stock and three-quarters of one redeemable Warrant. Each Warrant will entitle
the holder to purchase one common stock at an exercise price of $11.50 per whole share (see Note 7).
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v3.24.0.1
Private Placement
|
9 Months Ended |
Sep. 30, 2023 |
Private Placement |
|
Private Placement |
Note
4 — Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the Private Placement of an aggregate of Private Placement
Units to the Sponsor at a purchase price of $ per Private Placement Unit, generating gross proceeds to the Company in the amount
of $.
A
portion of the proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering held in the Trust
Account. If the Company does not complete a Business Combination by the Termination Date, the proceeds from the sale of the Private Placement
Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law)
and the Private Placement Units will be worthless.
The
Private Placement Warrants (including the Class A common stock issuable upon exercise of the Private Placement Warrants) will not be
transferable, assignable or salable until 30 days after the completion of an initial Business Combination, subject to certain exceptions.
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v3.24.0.1
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 — Related Party Transactions
Class
B Common Stock
On
September 2, 2021, the Company issued an aggregate of shares of Class B common stock (the “Founder Shares”) to
the Sponsor for an aggregate purchase price of $25,000 in cash, or approximately $0.009 per share. The Founder Shares are no longer subject
to forfeiture due to full exercise in our Initial Public Offering of the over-allotment by the underwriter.
.
Promissory
Note — Related Party
On
August 31, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company could borrow up to an
aggregate principal amount of $, to be used for payment of costs related to our Initial Public Offering. .
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, our Sponsor extended to us a line of credit of up to $
pursuant to a Convertible Promissory Note dated August 9, 2022 (“Sponsor Working Capital Loan”). Such Sponsor Working Capital
Loan is to either be repaid upon the consummation of a Business Combination, without interest, or, at the Sponsor’s discretion,
up converted upon consummation of a Business Combination into additional Placement Units at a price of $ per Unit. In the event
that a Business Combination does not close, we may use a portion of proceeds held outside the Trust Account to repay the Sponsor Working
Capital Loans, but no proceeds held in the Trust Account would be used to repay the Sponsor Working Capital Loans. As of September 30,
2023, the amount under the Sponsor Working Capital Loan was $.
To
fund extensions of the deadline for us to complete our initial Business Combination, the Sponsor deposited an additional $ into
the Trust Account on each of October 28, 2022 and February 2, 2023 and approximately $72,562.86 for each subsequent five one-month extension.
In return, we issued the Sponsor non-interest bearing, unsecured promissory notes, in the aggregate amount of $2,387,017 as of September
30, 2023.
Newsight
Bridge Financing
In
connection with our entry into the Business Combination Agreement, we agreed to provide Newsight with up to $1
million of bridge financing to fund Newsight’s transaction expenses in certain circumstances and subject to certain conditions
in respect of the amount of funding of Newsight. Dr. George Cho Yiu So, a principal of our Sponsor and a director of Newsight and an
indirect beneficial owner of 7.4%
of Newsight’s outstanding shares, has agreed to loan such funds to us on substantially identical terms in order to fund our
obligation to make advances to Newsight. On November 4, 2022, Dr. So advanced $1,000,000
to us, which we in turn advanced to Newsight. The bridge financing and accrued interest, of 10% per annum accrued and compounded
monthly, shall be mature and be payable upon Newsight’s receipt of $2,000,000 in financing.
Administrative
Support Agreement
Commencing
on the date the Units are first listed on the Nasdaq, the Company has agreed to pay the Sponsor a total of $10,000 per month for office
space, utilities and secretarial and administrative support. Upon completion of the initial Business Combination or the Company’s
liquidation, the Company will cease paying these monthly fees. For the nine months ended September 30, 2023, $90,000 of expense was recorded
and included in formation and operating costs in the statement of operations. For the nine months ended September 30, 2022, $90,000 of
expense was recorded and included in formation and operating costs in the statement of operations.
|
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v3.24.0.1
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 — Commitments and Contingencies
Registration
Rights
The
holders of the Founder Shares, Private Placement Units and Warrants that may be issued upon conversion of Working Capital Loans (and
any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working
Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a Registration Rights Agreement
dated November 1, 2021 requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion
to shares of Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form
registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration
rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company
to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides
that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until
the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection
with the filing of any such registration statements.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
6 — Commitments and Contingencies (Continued)
Underwriters
Agreement
The
Company granted the underwriter a 45-day option to purchase up to 1,320,000 additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting discounts and commissions. On November 3, 2021, the underwriters exercised this option and
purchased the additional 1,320,000 Units. These Units were sold at an offering price of $10.00 per Unit, generating additional gross
proceeds to the Company of $13,200,000.
The
underwriter was paid a cash underwriting discount of two percent (2.00%) of the gross proceeds of the Initial Public Offering, or $2,024,000.
In addition, the underwriter is entitled to a deferred fee of three point five percent (3.50%) of the gross proceeds of the Initial Public
Offering, or $3,542,000. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.
Right
of First Refusal
For
a period beginning on the closing of our Initial Public Offering and ending 12 months from the closing of our initial Business Combination,
we have granted EF Hutton, division of Benchmark Investments, LLC a right of first refusal to act as lead-left book running manager and
lead left manager for any and all future private or public equity, convertible and debt offerings during such period. In accordance with
FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration of more than three years from the effective date of the
registration statement for our Initial Public Offering.
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v3.24.0.1
Stockholders’ Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
7 – Stockholders’ Equity
Preferred
Shares — The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such
designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At September 30,
2023, there were no preferred shares issued or outstanding.
Class
A Common Stock — The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001
per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. At September 30, 2023, there
were 472,700 Class A common stock issued and outstanding, excluding 1,612,508 shares subject to possible redemption. At December 31,
2022, there were 472,700 Class A common stock issued and outstanding, excluding 10,120,000 shares subject to possible redemption.
Class
B Common Stock — The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of
$0.0001 per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. At September 30, 2023
and December 31, 2022, there were 2,530,000 shares of Class B common stock issued and outstanding.
Only
holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders
of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of
our stockholders except as otherwise required by law. In connection with our initial Business Combination, we may enter into a stockholders
agreement or other arrangements with the stockholders of the target or other investors to provide for voting or other corporate governance
arrangements that differ from those in effect upon completion of the IPO.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Stockholders’ Equity (Continued)
The
shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination,
or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A
common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering
and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of
Class A common stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree
to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable
upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total
number of all shares of common stock outstanding upon the completion of Initial Public Offering plus all shares of Class A common stock
and equity-linked securities issued or deemed issued in connection with a Business Combination (net of the number of shares of Class
A common stock redeemed in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable
to any seller of an interest in the target to us in a Business Combination.
Warrants
— Warrants may only be exercised for a whole number of shares. No fractional Warrants will be issued upon separation of
the Units and only whole Warrants will trade. The Warrants will become exercisable on the later of (a) 30 days after the completion of
a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Warrants will expire five years after the
completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a Warrant and will have no obligation
to settle such Warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A common stock issuable upon exercise of the Warrants is then effective and a current prospectus relating to those shares of Class A
common stock is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from
registration is available. No Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue
any shares to holders seeking to exercise their Warrants, unless the issuance of the shares upon such exercise is registered or qualified
under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
The
Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination,
the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have
declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the
Warrants and to maintain a current prospectus relating to those shares of Class A common stock until the Warrants expire or are redeemed.
Notwithstanding the above, if the Class A common stock is at the time of any exercise of a Warrant not listed on a national securities
exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the
Company may, at its option, require holders of Warrants who exercise their Warrants to do so on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain
in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
7 – Stockholders’ Equity (Continued)
Redemption
of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 — Once the Warrants become exercisable, the
Company may redeem the outstanding Warrants:
|
● |
in
whole and not in part; |
|
|
|
|
● |
at
a price of $0.01 per Warrant; |
|
|
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each Warrant holder; and |
|
|
|
|
● |
if,
and only if, the last reported sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on
the third trading day prior to the date on which the Company sends the notice of redemption to Warrant holders. |
If
and when the Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Warrants for redemption, as described above, its management will have the option to require any holder that wishes
to exercise the Warrants to do so on a “cashless basis,” as described in the Warrant agreement. The exercise price and number
of shares of common stock issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a
stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below,
the Warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally, in no event will the
Company be required to net cash settle the Warrants. If the Company is unable to complete a Business Combination within the Combination
Period and the Company liquidates the funds held in the Trust Account, holders of Warrants will not receive any of such funds with respect
to their Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect
to such Warrants. Accordingly, the Warrants may expire worthless.
The
Private Placement Warrants are identical to the Public Warrants except that (1) the Private Placement Warrants (including shares issuable
upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the closing of our
initial Business Combination (except, among other limited exceptions, to our officers and directors and other persons or entities affiliated
with our Sponsor), and subject to securities laws restrictions regarding sale of private securities and (2) holders of our Private Placement
Warrants are entitled to certain registration rights as described in Note 6.
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v3.24.0.1
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
8 – Subsequent Events
In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or
transactions that occurred after September 30, 2023. Based upon this review, the Company
did not identify any subsequent events that would have required adjustment or disclosure in the financial statements except as follows.
On
October 1, 2023, our Sponsor further deposited $ into the Company’s Trust Account to extend the period of time to consummate
a Business Combination to November 3, 2023.
On
October 20, 2023, the Second Charter Amendment allows the Company to extend the Termination Date from November 3, 2023 by up to six
1-month extensions to May 3, 2024. On November 1, 2023, our Sponsor further deposited $
to extend the period of time to consummate a Business Combination to December 3, 2023. On December 1, 2023, our Sponsor further
deposited $
to extend the period of time to consummate a Business combination to January 3, 2024. On January 3, 2024, our Sponsor deposited
$
into the Company’s Trust Account to extend the period of time to consummate a Business Combination from
January 3, 2024 to February 3, 2024. On February 3, 2024, our Sponsor deposited $
to extend the Company’s Trust Account to extend its initial business combination from February 3, 2024 to March 3,
2024.
On December 9, 2023, the Company, Newsight and Merger
Sub entered into a Mutual Termination Agreement (the “Mutual Termination Agreement”) pursuant to which they terminated the
Business Combination Agreement by mutual agreement in accordance with Section 7.1(a) thereof, and each party, on behalf of itself and
its agents, released, waived and forever discharged the other parties and their agents of and from any and all obligation or liability
arising under the Business Combination Agreement. The Company and Newsight determined to mutually terminate the Business Combination Agreement
because of challenging global economic conditions.
On
January 12, 2024, Vision Sensing Acquisition Corp. (SPAC), a Delaware corporation, entered into an Agreement and Plan of Merger (the “Merger
Agreement”) with Mediforum Co. Ltd., a registered company organized under the laws of the Republic of Korea.
Prior to the Closing, Mediforum will restructure and
redomesticate (“Restructuring and Redomestication”) to the British Virgin Islands (the “BVI Company”)
Pursuant
to the terms of the Merger Agreement, a new British Virgin Islands business company (“PubCo”), a British Virgin Islands company
and a wholly owned direct subsidiary of PubCo (“Merger Sub 1”), and a Delaware limited liability company and a wholly owned
direct subsidiary of PubCo (“Merger Sub 2”) will be formed no later than the business day immediately prior to February 15,
2024 (the “Amendment Date”), for the purpose of participating in the transactions contemplated by the Merger Agreement, including,
without limitation, (a) the merger of Merger Sub 1 with and into the BVI Company, with the BVI Company surviving such merger as a wholly
owned subsidiary of PubCo (the “Initial Merger”), and (b) the merger of Merger Sub 2 with and into SPAC, with SPAC surviving
such merger as a wholly owned subsidiary of PubCo (the “SPAC Merger” and together with the Initial Merger, the “Mergers”,
and together with the other transactions contemplated by the Merger Agreement and the other agreements contemplated thereby, the “Transactions”).
The requisite members of the board of directors of SPAC (the “Board”) have (i) approved and declared advisable the Merger
Agreement and the Transactions and (ii) resolved to recommend the approval and adoption of the Merger Agreement and the Transactions
by the stockholders of SPAC.
The
consideration for the Mergers (the “Merger Consideration”) will be $250,000,000. The Merger Consideration will be payable
100% in 25,000,000 PubCo ordinary shares valued at $10.00 per share.
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v3.24.0.1
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United
States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and note disclosures
normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed
or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the
information not misleading. The interim financial statements as of September 30, 2023 and for the nine months ended September 30, 2023
and September 30, 2022 respectively, are unaudited. In the opinion of management, the interim financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim periods. The accompanying
balance sheet as of December 31, 2022, is derived from the audited financial statements presented in the Company’s Annual Report
on Form 10-K for fiscal the year ended December 31, 2022.
|
Emerging Growth Company |
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
|
Risks and Uncertainties |
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $8,941 in cash and no cash equivalents as of September
30, 2023 and $71,650 in cash and no cash equivalents as of December 31, 2022.
|
Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were $5,000 of unrecognized tax benefits as of September 30, 2023 and December 21, 2022 and no amounts accrued for
interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals
or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
The
provision for income taxes was $581,553 for the nine months ended September 30, 2023 and $0 for the nine months ended September 30, 2022.
|
Class A Common Stock Subject to Possible Redemption |
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.” Shares subject to mandatory redemption (if any) are classified as a liability
instrument and are measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) are classified as temporary equity. At all other times, shares are classified as stockholders’
equity. The Company’s Class A Common Stock features certain redemption rights that are considered to be outside of the Company’s
control and subject to occurrence of uncertain future events. On May 15, 2023, in connection with the approval by the Company’s
stockholders of the First Charter Amendment, the Company redeemed 8,507,492 shares of the Company’s Class A Common Stock for an
aggregate redemption payment from the Trust Account of $90,090,439. On September 30, 2023, there were 1,612,508 shares of Class A Common
Stock subject to possible redemption. On December 31, 2022 there were 10,120,000 shares of Class A Common Stock subject to possible redemption.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
As
of September 30, 2023 and December 31,2022, the Class A Common Stock reflected on the balance sheet are reconciled in the following table:
Schedule of Class A Common Stock Reflected on
the Balance Sheet
| |
For the Nine months Ended September 30, 2023 | | |
For the Year Ended December 31, 2022 | |
Contingently redeemable Class A Common Stock – Opening Balance | |
$ | 103,730,000 | | |
$ | 102,718,000 | |
Re-measurement of Class A Common Stock Subject to Possible Redemption | |
| 3,412,913 | | |
| 1,012,000 | |
Payment to redeemed shareholders | |
| (90,090,439 | ) | |
| - | |
Contingently redeemable Class A Common Stock - Ending Balance | |
| 17,052,474 | | |
| 103,730,000 | |
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. At September 30, 2023 and December 31, 2022, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
|
Net Loss Per Share |
Net
Loss Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
VISION
SENSING ACQUISITION CORP.
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Net
loss per share, basic and diluted, for Class A and Class B non-redeemable common stock is calculated by dividing the net loss, adjusted
for income attributable to Class A redeemable common stock shares, by the weighted average number of Class A and Class B non-redeemable
common stock shares outstanding for the period. Non-redeemable Class A and Class B common stock shares includes the Founder Shares and
non-redeemable common stock shares as these shares do not have any redemption features and do not participate in the income earned on
the Trust Account.
Schedule
of Basic and Diluted Net Income Loss Per Common share
| |
For the Three months Ended September 30, 2023 | | |
For the Three months Ended September 30, 2022 | | |
For the
Nine months Ended September 30, 2023 | | |
For the
Nine months Ended September 30, 2022 | |
Class A common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class A common stock | |
$ | (125,892 | ) | |
$ | (158,741 | ) | |
$ | 411,666 | | |
$ | (300,334 | ) |
Denominator: weighted average number of Class A common stock | |
| 2,085,208 | | |
| 10,592,700 | | |
| 5,838,513 | | |
| 8,274,928 | |
Basic and diluted net income (loss) per redeemable Class A common stock | |
$ | (0.06 | ) | |
$ | (0.01 | ) | |
$ | 0.07 | | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Class B common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to non-redeemable Class B common stock | |
$ | (167,297 | ) | |
$ | (148,656 | ) | |
$ | (461,345 | ) | |
$ | (279,160 | ) |
Denominator: weighted average number of Class B common stock | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | |
Basic and diluted net income (loss) per Class B common stock | |
| (0.07 | ) | |
| (0.06 | ) | |
$ | (0.18 | ) | |
$ | (0.11 | ) |
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
|
● |
Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets. This is the level
that the Marketable Securities Held in Trust Account are considered (being $18,032,091 as of September 30, 2023 and $105,082,318
as of December 31, 2022); |
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
|
Recently Issued Accounting Standards |
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.
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v3.24.0.1
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Class A Common Stock Reflected on the Balance Sheet |
As
of September 30, 2023 and December 31,2022, the Class A Common Stock reflected on the balance sheet are reconciled in the following table:
Schedule of Class A Common Stock Reflected on
the Balance Sheet
| |
For the Nine months Ended September 30, 2023 | | |
For the Year Ended December 31, 2022 | |
Contingently redeemable Class A Common Stock – Opening Balance | |
$ | 103,730,000 | | |
$ | 102,718,000 | |
Re-measurement of Class A Common Stock Subject to Possible Redemption | |
| 3,412,913 | | |
| 1,012,000 | |
Payment to redeemed shareholders | |
| (90,090,439 | ) | |
| - | |
Contingently redeemable Class A Common Stock - Ending Balance | |
| 17,052,474 | | |
| 103,730,000 | |
|
Schedule of Basic and Diluted Net Income Loss Per Common share |
Schedule
of Basic and Diluted Net Income Loss Per Common share
| |
For the Three months Ended September 30, 2023 | | |
For the Three months Ended September 30, 2022 | | |
For the
Nine months Ended September 30, 2023 | | |
For the
Nine months Ended September 30, 2022 | |
Class A common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to Class A common stock | |
$ | (125,892 | ) | |
$ | (158,741 | ) | |
$ | 411,666 | | |
$ | (300,334 | ) |
Denominator: weighted average number of Class A common stock | |
| 2,085,208 | | |
| 10,592,700 | | |
| 5,838,513 | | |
| 8,274,928 | |
Basic and diluted net income (loss) per redeemable Class A common stock | |
$ | (0.06 | ) | |
$ | (0.01 | ) | |
$ | 0.07 | | |
$ | (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Class B common stock | |
| | | |
| | | |
| | | |
| | |
Numerator: net income (loss) allocable to non-redeemable Class B common stock | |
$ | (167,297 | ) | |
$ | (148,656 | ) | |
$ | (461,345 | ) | |
$ | (279,160 | ) |
Denominator: weighted average number of Class B common stock | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | | |
| 2,530,000 | |
Basic and diluted net income (loss) per Class B common stock | |
| (0.07 | ) | |
| (0.06 | ) | |
$ | (0.18 | ) | |
$ | (0.11 | ) |
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- DefinitionTabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (27) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
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Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
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duration |
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v3.24.0.1
Description of Organization and Business Operations (Details Narrative) - USD ($)
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3 Months Ended |
9 Months Ended |
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May 03, 2024 |
Mar. 03, 2024 |
Feb. 03, 2024 |
Jan. 12, 2024 |
Jan. 03, 2024 |
Dec. 01, 2023 |
Nov. 01, 2023 |
Oct. 25, 2023 |
Oct. 01, 2023 |
Sep. 01, 2023 |
Aug. 01, 2023 |
Jun. 30, 2023 |
Jun. 05, 2023 |
Jun. 02, 2023 |
May 15, 2023 |
May 01, 2023 |
Mar. 03, 2023 |
Feb. 02, 2023 |
Oct. 28, 2022 |
Nov. 03, 2021 |
Feb. 02, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Aug. 09, 2022 |
Sep. 02, 2021 |
Shares price |
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$ 0.009
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Deferred underwriting fee |
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$ 3,542,000
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$ 3,542,000
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Transaction costs |
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7,520,024
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Cash underwriting fee |
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2,024,000
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Other offering costs |
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$ 436,024
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Cash |
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8,941
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$ 71,650
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Working capital |
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$ 9,309,144
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Percentage of Trust Account balance |
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80.00%
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Percentage of oustanding voting securities |
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50.00%
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Business combination, net tangible assets |
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$ 5,000,001
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Share price in recapitalization |
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$ 10.00
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Shares value after recapitalization |
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$ 215,000,000
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Amendment termination date description |
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The
Second Charter Amendment allows the Company to extend the Termination Date from November 3, 2023 by up to six 1-month extensions to May
3, 2024, provided that (i) the Company’s Sponsor (or its affiliates or permitted designees) will deposit into the Company’s
Trust Account the lesser of (x) $60,000 or (y) $0.04 per share for each Public Share outstanding as of the applicable deadline date for
each such one-month extension until May 3, 2024 unless the closing of the Company’s initial Business Combination shall have occurred
(the “Extension Payment”) in exchange for a non-interest bearing, unsecured promissory note payable upon consummation
of a Business Combination.
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The
First Charter Amendment allows the Company to extend the Termination Date from May 3, 2023 by up to six 1-month extensions to November
3, 2023, provided that (i) the Company’s Sponsor (or its affiliates or permitted designees) will deposit into the Company’s
Trust Account the lesser of (x) $100,000 or (y) $0.045 per share for each Public Share outstanding as of the applicable deadline date
for each such one-month extension until November 3, 2023 unless the closing of the Company’s initial Business Combination shall
have occurred (the “Extension Payment”) in exchange for a non-interest bearing, unsecured promissory note payable
upon consummation of a Business Combination.
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Diluted per share |
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$ 10.61
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Shares outstanding |
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1,612,508
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Extension payment |
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$ 72,562.86
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Agreement description |
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Our
Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than the independent public accounting
firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter
of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to
below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date
of the liquidation of the Trust Account, if less than $10.15 per Public Share due to reductions in the value of the trust assets, less
taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed
a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply
to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities
under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently
verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and believe that our Sponsor’s only assets
are securities of our company. Therefore, we cannot assure you that our Sponsor would be able to satisfy those obligations. None of our
officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective
target businesses.
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Maximum [Member] |
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Interest to pay dissolution expenses |
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$ 100,000
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$ 100,000
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Subsequent Event [Member] |
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Percentage of shares payable for consideration |
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100.00%
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Subsequent Event [Member] | Mediforum Co Ltd [Member] |
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Merger consideration |
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$ 250,000,000
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Percentage of shares payable for consideration |
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100.00%
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Number of shares issuable |
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25,000,000
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Shares price per share |
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$ 10.00
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Common Class A [Member] |
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Shares price |
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$ 11.50
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Share price |
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$ 18.00
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Common stock par value |
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$ 0.0001
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0.0001
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$ 0.0001
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Shares redeemed |
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264,443
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8,507,492
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8,507,492
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Shares redeemed value |
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$ 90,090,439
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$ 90,200,000
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Sponsor [Member] |
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Shares price |
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$ 0.045
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$ 0.10
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$ 0.10
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$ 0.10
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Share price |
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$ 10.00
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Proceeds from offering and private palcement |
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$ 102,718,000
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Deposit to extend period of time for Business combination |
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$ 72,562.86
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$ 72,562.86
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$ 72,562.86
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$ 72,562.86
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$ 72,765.20
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$ 1,012,000
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$ 1,012,000
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$ 2,024,000
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Sponsor [Member] | Subsequent Event [Member] |
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Deposit to extend period of time for Business combination |
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$ 6,000,000
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$ 60,000
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$ 60,000
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$ 60,000
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$ 60,000
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$ 72,562.86
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Board of Directors [Member] | Forecast [Member] |
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Share price |
$ 0.045
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Deposit to extend period of time for Business combination |
$ 60,000
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IPO [Member] |
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Shares issued |
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8,800,000
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Shares price |
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$ 10.00
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$ 11.50
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Proceeds from issuance initial public offering |
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$ 88,000,000
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Offering costs |
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7,520,024
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Deferred underwriting fee |
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3,542,000
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Number of shares issued in private placement |
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10,120,000
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Shares price per share |
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$ 10.00
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Over-Allotment Option [Member] |
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Offering costs |
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$ 264,000
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Options granted to purchase units |
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1,320,000
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Share price |
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$ 10.00
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Proceeds from issuance overallotment units |
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$ 13,200,000
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Proceeds from offering and private palcement |
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$ 13,200,000
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Cash held outside of Trust Account |
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$ 953,522
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Over-Allotment Option [Member] | Maximum [Member] |
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Options granted to purchase units |
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1,320,000
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Over-Allotment Option [Member] | Sponsor [Member] |
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Number of shares issued in private placement |
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46,200
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Proceeds from issuance of units |
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$ 462,000
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Private Placement [Member] | Sponsor [Member] |
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Shares price |
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$ 10.00
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Number of shares issued in private placement |
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426,500
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472,700
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Shares price per share |
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$ 10.00
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Proceeds from issuance of units |
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$ 4,265,000
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Proceeds from offering and private palcement |
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$ 4,727,000
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|
X |
- DefinitionAmendment termination date description.
+ References
+ Details
Name: |
VSAC_AmendmentTerminationDateDescription |
Namespace Prefix: |
VSAC_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBusiness acquisition percentage of oustanding voting securities.
+ References
+ Details
Name: |
VSAC_BusinessAcquisitionPercentageOfOustandingVotingSecurities |
Namespace Prefix: |
VSAC_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionBusiness acquisition percentage of shares payable for consideration.
+ References
+ Details
Name: |
VSAC_BusinessAcquisitionPercentageOfSharesPayableForConsideration |
Namespace Prefix: |
VSAC_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBusiness acquisition percentage of trust account balance.
+ References
+ Details
Name: |
VSAC_BusinessAcquisitionPercentageOfTrustAccountBalance |
Namespace Prefix: |
VSAC_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionCash held outside trust account.
+ References
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v3.24.0.1
Schedule of Class A Common Stock Reflected on the Balance Sheet (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
|
Contingently redeemable Class A Common Stock – Opening Balance |
$ 103,730,000
|
$ 102,718,000
|
$ 102,718,000
|
Re-measurement of Class A Common Stock Subject to Possible Redemption |
3,412,913
|
|
1,012,000
|
Payment to redeemed shareholders |
(90,090,439)
|
|
|
Contingently redeemable Class A Common Stock - Ending Balance |
$ 17,052,474
|
|
$ 103,730,000
|
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v3.24.0.1
Schedule of Basic and Diluted Net Income Loss Per Common share (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Common Class A [Member] |
|
|
|
|
Numerator: net income (loss) allocable to non-redeemable Class B common stock |
$ (125,892)
|
$ (158,741)
|
$ 411,666
|
$ (300,334)
|
Denominator: weighted average number of common stock, Basic |
2,085,208
|
10,592,700
|
5,838,513
|
8,274,928
|
Denominator: weighted average number of common stock, Diluted |
2,085,208
|
10,592,700
|
5,838,513
|
8,274,928
|
Basic net income (loss) per redeemable common stock |
$ (0.06)
|
$ (0.01)
|
$ 0.07
|
$ (0.04)
|
Diluted net income (loss) per redeemable common stock |
$ (0.06)
|
$ (0.01)
|
$ 0.07
|
$ (0.04)
|
Common Class B [Member] |
|
|
|
|
Numerator: net income (loss) allocable to non-redeemable Class B common stock |
$ (167,297)
|
$ (148,656)
|
$ (461,345)
|
$ (279,160)
|
Denominator: weighted average number of common stock, Basic |
2,530,000
|
2,530,000
|
2,530,000
|
2,530,000
|
Denominator: weighted average number of common stock, Diluted |
2,530,000
|
2,530,000
|
2,530,000
|
2,530,000
|
Basic net income (loss) per redeemable common stock |
$ (0.07)
|
$ (0.06)
|
$ (0.18)
|
$ (0.11)
|
Diluted net income (loss) per redeemable common stock |
$ (0.07)
|
$ (0.06)
|
$ (0.18)
|
$ (0.11)
|
X |
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v3.24.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
9 Months Ended |
|
Oct. 25, 2023 |
May 15, 2023 |
May 01, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Cash |
|
|
|
$ 8,941
|
|
$ 8,941
|
|
$ 71,650
|
Cash equivalents |
|
|
|
0
|
|
0
|
|
0
|
Unrecognized tax benefits |
|
|
|
5,000
|
|
5,000
|
|
5,000
|
Provision for income taxes |
|
|
|
218,885
|
|
581,553
|
|
|
Federal depository insurance coverage |
|
|
|
250,000
|
|
250,000
|
|
|
Marketable securities |
|
|
|
$ 18,032,091
|
|
$ 18,032,091
|
|
$ 105,082,318
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
Shares redeemed |
264,443
|
8,507,492
|
8,507,492
|
|
|
|
|
|
Shares redeemed value |
|
$ 90,090,439
|
$ 90,200,000
|
|
|
|
|
|
Stock subject to possible redemption |
|
|
|
1,612,508
|
|
1,612,508
|
|
10,120,000
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.24.0.1
Private Placement (Details Narrative) - USD ($)
|
|
9 Months Ended |
|
|
|
|
Nov. 03, 2021 |
Sep. 30, 2023 |
Jun. 05, 2023 |
Feb. 02, 2023 |
Oct. 28, 2022 |
Sep. 02, 2021 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Unit issued price |
|
|
|
|
|
$ 0.009
|
Sponsor [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Unit issued price |
|
|
$ 0.045
|
$ 0.10
|
$ 0.10
|
|
Gross proceeds from transaction |
$ 102,718,000
|
|
|
|
|
|
Sponsor [Member] | Private Placement [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Number of shares issued in private placement |
426,500
|
472,700
|
|
|
|
|
Unit issued price |
|
$ 10.00
|
|
|
|
|
Gross proceeds from transaction |
|
$ 4,727,000
|
|
|
|
|
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v3.24.0.1
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
Sep. 01, 2023 |
Aug. 01, 2023 |
Jun. 30, 2023 |
Jun. 05, 2023 |
Jun. 02, 2023 |
Feb. 02, 2023 |
Nov. 04, 2022 |
Oct. 28, 2022 |
Sep. 02, 2021 |
Aug. 31, 2021 |
Feb. 02, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Aug. 09, 2022 |
Nov. 03, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares price |
|
|
|
|
|
|
|
|
$ 0.009
|
|
|
|
|
|
|
Agreement description |
|
|
|
|
|
|
|
|
|
|
|
Our
Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than the independent public accounting
firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter
of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to
below the lesser of (i) $10.15 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date
of the liquidation of the Trust Account, if less than $10.15 per Public Share due to reductions in the value of the trust assets, less
taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed
a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply
to any claims under our indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities
under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently
verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and believe that our Sponsor’s only assets
are securities of our company. Therefore, we cannot assure you that our Sponsor would be able to satisfy those obligations. None of our
officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective
target businesses.
|
|
|
|
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
$ 90,000
|
$ 90,000
|
|
|
Dr George Cho Yiu So [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
7.40%
|
|
|
|
Interest percentage |
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
Dr George Cho Yiu So [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combination transaction expense |
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
Proceeds from collection of advance to affiliate |
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
Advance payable to affiliate |
|
|
|
|
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional placement unit price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
Over-Allotment Option [Member] | Underwriters [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit to extend period of time for Business combination |
|
|
|
|
|
$ 72,562.86
|
|
|
|
|
|
|
|
|
|
Unsecured Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate amount of notes |
|
|
|
|
|
|
|
|
|
|
|
2,387,017
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, at carrying value |
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
Shares price |
|
|
|
$ 0.045
|
|
$ 0.10
|
|
$ 0.10
|
|
|
$ 0.10
|
|
|
|
|
Additional placement unit price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10.00
|
|
Working capital loan |
|
|
|
|
|
|
|
|
|
|
|
503,750
|
|
|
|
Deposit to extend period of time for Business combination |
$ 72,562.86
|
$ 72,562.86
|
$ 72,562.86
|
$ 72,562.86
|
$ 72,765.20
|
$ 1,012,000
|
|
$ 1,012,000
|
|
|
$ 2,024,000
|
|
|
|
|
Other general and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
Sponsor [Member] | Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
Sponsor [Member] | Unsecured Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate amount of notes |
|
|
|
|
|
|
|
|
|
$ 300,000
|
|
|
|
|
|
Debt instrument description |
|
|
|
|
|
|
|
|
|
The note was non-interest
bearing and payable on the earlier of (i) December 31, 2022 or (ii) the consummation of our Initial Public Offering. The promissory note
was fully repaid on November 8, 2021
|
|
|
|
|
|
Sponsor [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock |
|
|
|
|
|
|
|
|
2,530,000
|
|
|
|
|
|
|
Agreement description |
|
|
|
|
|
|
|
|
The
holders of the Founder Shares have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until
the earlier to occur of: (A) nine months after the completion of a Business Combination and (B) subsequent to a Business Combination,
(x) if the last reported sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for share splits, share
capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital share exchange
or other similar transaction that results in all of the Public Stockholders having the right to exchange their shares of common stock
for cash, securities or other property
|
|
|
|
|
|
|
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v3.24.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
9 Months Ended |
Nov. 03, 2021 |
Sep. 30, 2023 |
Loss Contingencies [Line Items] |
|
|
Cash underwriting discount percentage |
|
2.00%
|
Deferred fee percentage |
|
3.50%
|
Underwriters [Member] |
|
|
Loss Contingencies [Line Items] |
|
|
Deferred underwriting fee |
|
$ 2,024,000
|
Over-Allotment Option [Member] |
|
|
Loss Contingencies [Line Items] |
|
|
Options granted to purchase units |
1,320,000
|
|
Shares issued in option exercise |
1,320,000
|
|
Share price |
$ 10.00
|
|
Proceeds from offering and private palcement |
$ 13,200,000
|
|
Over-Allotment Option [Member] | Maximum [Member] |
|
|
Loss Contingencies [Line Items] |
|
|
Options granted to purchase units |
|
1,320,000
|
IPO [Member] |
|
|
Loss Contingencies [Line Items] |
|
|
Proceeds from underwriting expense |
|
$ 3,542,000
|
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v3.24.0.1
Stockholders’ Equity (Details Narrative) - $ / shares
|
9 Months Ended |
|
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Nov. 03, 2021 |
Class of Stock [Line Items] |
|
|
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
|
Preferred stock, shares issued |
0
|
0
|
|
Preferred stock, shares outstanding |
0
|
0
|
|
Common stock aggregate converted percentage |
20.00%
|
|
|
Warrant price per share |
$ 0.01
|
|
|
Common Class A [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Common stock, voting rights |
Holders of the Company’s Class A common stock are entitled to one vote for each share
|
|
|
Common stock, shares, issued |
472,700
|
472,700
|
|
Common stock, shares, outstanding |
472,700
|
472,700
|
|
Temporary shares |
1,612,508
|
10,120,000
|
|
Share price |
$ 18.00
|
|
|
Common Class B [Member] |
|
|
|
Class of Stock [Line Items] |
|
|
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
|
Common stock, voting rights |
Holders of the Company’s Class B common stock are entitled to one vote for each share
|
|
|
Common stock, shares, issued |
2,530,000
|
2,530,000
|
|
Common stock, shares, outstanding |
2,530,000
|
2,530,000
|
|
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v3.24.0.1
Subsequent Events (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
Mar. 03, 2024 |
Feb. 03, 2024 |
Jan. 12, 2024 |
Jan. 03, 2024 |
Dec. 01, 2023 |
Nov. 01, 2023 |
Oct. 01, 2023 |
Sep. 01, 2023 |
Aug. 01, 2023 |
Jun. 30, 2023 |
Jun. 05, 2023 |
Jun. 02, 2023 |
Feb. 02, 2023 |
Oct. 28, 2022 |
Feb. 02, 2023 |
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit to extend period of time for Business combination |
|
|
|
|
|
|
|
$ 72,562.86
|
$ 72,562.86
|
$ 72,562.86
|
$ 72,562.86
|
$ 72,765.20
|
$ 1,012,000
|
$ 1,012,000
|
$ 2,024,000
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of shares payable for consideration |
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Mediforum Co Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger consideration |
|
|
$ 250,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of shares payable for consideration |
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issuable |
|
|
25,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares price per share |
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit to extend period of time for Business combination |
$ 6,000,000
|
$ 60,000
|
|
$ 60,000
|
$ 60,000
|
$ 60,000
|
$ 72,562.86
|
|
|
|
|
|
|
|
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Vision Sensing Acquisition (NASDAQ:VSACU)
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