Newsight Imaging to merge with SPAC at $215 million valuation
Newsight Imaging to merge with SPAC at $215 million valuation
The Israeli semiconductor company develops 3D machine vision sensors and spectral vision chips and will go public on Nasdaq as early as the fourth quarter of the year
Israeli company Newsight Imaging, which develops vision sensing chips, devices, and applications, has announced that it is merging with Nasdaq-traded SPAC Vision Sensing Acquisition Corp. (VSAC). VSAC holds $102.5 million in its trust account.
The transaction values Newsight at $215 million, which together with the $102.5 million in cash in VSAC’s trust account, assuming no redemptions in the business combination and the addition of proceeds of possible financing of up to $40 million, results in a combined pro forma enterprise value of $380 million.
The transaction is expected to close as early as the fourth quarter of 2022. The combined company will be led by Eli Assoolin, Newsight Imaging CEO.
Newsight’s wide range of applications and clients include automotive driving vision and security, Spectral/Remote Diagnostics, healthcare and sustainability, smart cities and infrastructure, and smartphone applications, Internet of Things, and growing Metaverse applications.
“Newsight has reached an inflection point of growth, with significant traction for our commercial products and multiple established strategic partnerships with industry leaders,” said Eli Assoolin, Newsight Imaging CEO. “We are privileged to have support from top-tier investors, and prospective access to the U.S. capital markets following the closing of this proposed transaction, which will leave Newsight well-capitalized to provide our innovative solutions. We believe Newsight’s technology is strategically positioned for growth with the increasing need for advanced vision solutions in today’s smart machines and technologies, with multiple uses with enormous market potential.”
