Core Points - Vision Sensing Acquisition Corp. (VSAC) is a Special Purpose Acquisition Company (SPAC) focused on acquiring a private technology company [5] - VSAC successfully migrated its listing from the Nasdaq Global Market to the Nasdaq Capital Market, effective July 19, 2024 [3][16] - Mediforum Co., Ltd, a leading Korean biotechnology company, is the target for VSAC's business combination, with a focus on enhancing the quality of life for patients with conditions like Alzheimer's disease [10] Compliance and Listing - On February 7, 2024, VSAC filed the outstanding 10-Q and regained compliance with Nasdaq Listing Rule 5250(c)(1) [1] - Following a staff determination letter from Nasdaq on January 17, 2024, VSAC appealed the decision to delist its securities and was granted a hearing scheduled for April 4, 2024 [7][17] - The Nasdaq Hearings Panel granted VSAC an extension to continue its listing, contingent upon transferring to the Capital Market by July 15, 2024 [8] Shareholder Actions - On July 12, 2024, VSAC confirmed it had enough public shareholders to meet the Nasdaq Capital Market Total Holders Requirement [18] - The conversion of 2,530,000 Series B shares into Series A shares on July 12, 2024, was part of the compliance strategy with the Market Value of Listed Securities Requirement [9] Business Combination - The Mediforum Business Combination Agreement requires VSAC to file a registration statement with the SEC, including a proxy statement for stockholder approval [12] - Mediforum is positioned to become the first Korean biotech company listed on NASDAQ, with ongoing clinical trials for its flagship product PM012 targeting Alzheimer's disease [10]
Vision Sensing Acquisition Corp. Announces Successful Application to Nasdaq Stock Exchange for VSAC to Migrate to the Nasdaq Capital Market