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Future Vision II Acquisition Corp. (NASDAQ: FVNNU) and Viwo Technology Inc. announced Amendment No. 1 to their Merger Agreement on December 10, 2024. The amendment introduces a lock-up agreement for pre-Business Combination Viwo shareholders regarding Future Vision shares received from the Business Combination.
The lock-up terms include a performance-based release mechanism spanning 2-3 years. Shares can be released after two years if Viwo Inc. achieves 20% audited gross revenue growth in the first year and 30% growth in the second year (24.96% compound growth). If these targets aren't met, the lock-up extends to three years, requiring 126.2% gross revenue growth (28.46% compound growth). Alternatively, shareholders can forfeit 10% of their Consideration Shares after the third fiscal year to release the lock-up.
Future Vision II Acquisition Corp (NASDAQ: FVNNU) has announced a definitive merger agreement with Viwo Technology Inc. The Business Combination values Viwo at $100 million, with shares priced at $10.05. Viwo shareholders will receive 9,950,250 shares of Future Vision upon completion. The merged entity will be renamed to 'Viwo Inc,' with Viwo becoming a wholly owned subsidiary of Future Vision. The transaction is expected to close by the end of Q2 2025, subject to regulatory and shareholder approvals. The merger aims to leverage artificial intelligence, big data, and cloud computing technologies to drive business growth and create shareholder value.
Future Vision II Acquisition Corp. (NASDAQ: FVNNU) has successfully closed its initial public offering (IPO) of 5,750,000 units, including the full exercise of the underwriter's over-allotment option. The offering was priced at $10.00 per unit, generating gross proceeds of $57,500,000. Each unit comprises one ordinary share and one right to receive one-tenth of an ordinary share upon the company's initial business combination.
The units began trading on NASDAQ under the ticker 'FVNNU' on September 12, 2024. Of the total proceeds, including a simultaneous private placement, $57,787,500 was placed into a trust account. Kingswood Capital Partners, acted as the sole book-running manager for the offering.
Future Vision II Acquisition Corp. (NASDAQ: FVNNU) has priced its initial public offering of 5,000,000 units at $10.00 per unit, totaling $50,000,000. The units, consisting of one ordinary share and one right to receive one-tenth of an ordinary share upon business combination, are set to trade on NASDAQ under 'FVNNU' from September 12, 2024. The company, a blank check entity focusing on the technology, media, and telecommunications sector, is led by CEO Xiaodong Wang and CFO Caihong Chen. Kingswood Capital Partners, is the sole book-running manager, with a 45-day option to purchase up to 750,000 additional units. The offering is expected to close on September 13, 2024, subject to customary conditions.
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