Tue, Jun 4, 8:37 PM (410 days ago)
Vision Sensing Acquisition Corp. (VSAC) reported a net loss of $25,609 for Q1 2024, driven by operating and formation costs, franchise tax expenses, and income tax expenses. The company earned interest income from its trust account and loans receivable. VSAC's cash balance outside the trust account was $1,827 as of March 31, 2024, with $15,463,523 held in the trust account. The company extended its business combination deadline multiple times, with recent extensions funded by the sponsor through non-interest bearing, unsecured promissory notes. VSAC aims to merge with Mediforum Co. Ltd. but requires additional funding to continue operations and complete the business combination. The company faces liquidity challenges and substantial doubt about its ability to continue as a going concern if it fails to secure further financing or complete the merger by the extended deadline of July 3, 2024, which may be extended to November 3, 2024.