Nova Vision Acquisition Corp. Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination to October 10, 2024

Rhea-AI Summary

Nova Vision Acquisition Corp. (NASDAQ: NOVV) has announced an extension to its business combination deadline. The company's sponsor, Nova Pulsar Holdings , has deposited $6,301.56 into the trust account, allowing for a one-month extension from September 10, 2024, to October 10, 2024.

This contribution equates to approximately $0.03 per ordinary share issued at the initial public offering that has not been redeemed. In exchange, the company issued a promissory note to the sponsor, convertible into units at $10.00 per unit upon consummation of a business combination.

Nova Vision Acquisition Corp., a special purpose acquisition company (SPAC), aims to use this additional time to complete a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.

Singapore, Sept. 09, 2024 (GLOBE NEWSWIRE) --  Nova Vision Acquisition Corp. (NASDAQ: NOVV, the “Company”), a special purpose acquisition company, announced today that Nova Pulsar Holdings Limited, the Company’s initial public offering sponsor (“Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $6,301.56 (representing approximately $0.03 per ordinary share issued at the Company’s initial public offering that has not been redeemed), in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from September 10, 2024 to October 10, 2024. The Company issued a promissory note to Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the Company’s units (with each unit consisting of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company’s initial business combination) at a price of $10.00 per unit at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination.

About Nova Vision Acquisition Corp.

Nova Vision Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:
Nova Vision Acquisition Corp.
Investor Relations
info@novavisionacquisition.com

FAQ

What is the new deadline for Nova Vision Acquisition Corp (NOVV) to complete a business combination?

The new deadline for Nova Vision Acquisition Corp (NOVV) to complete a business combination is October 10, 2024.

How much did Nova Vision Acquisition Corp's (NOVV) sponsor contribute to extend the business combination deadline?

Nova Vision Acquisition Corp's (NOVV) sponsor contributed $6,301.56 to extend the business combination deadline by one month.

What is the per-share value of the contribution made to extend NOVV's deadline?

The contribution made to extend NOVV's deadline equates to approximately $0.03 per ordinary share issued at the initial public offering that has not been redeemed.

How can the sponsor's contribution be converted in the future for Nova Vision Acquisition Corp (NOVV)?

The sponsor's contribution can be converted into Nova Vision Acquisition Corp (NOVV) units at $10.00 per unit upon the consummation of a business combination.