Miami, FL – 
Sensing Acquisition Corp. (the “Company”), a newly incorporated blank check
company, today announced the closing of its initial public offering of 10,120,000
units, including 1,320,000 units issued pursuant to the underwriters’ full
exercise of the over-allotment option. The offering was priced at $10.00 per
unit, resulting in gross proceeds of $101.2 million.
The Company’s units commenced trading on the Nasdaq Global Market
(“Nasdaq”) under the ticker symbol “VSACU” on November 1, 2021.
The Company is sponsored by the founders of Vision Sensing LLC and is
led by a management team consisting of Chairman and Chief Executive Officer George
Peter Sobek, Director, Chief Financial Officer and Secretary Hang Kon Louis Ma, and board members Joseph Mitchell Magen, William Welser IV and Garry
Richard Stein.
The Company is a blank check company formed for the purpose of effecting
a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses. While the Company may pursue an initial
business combination target in any business or industry, it intends to focus on
companies with operations in the vision sensing technologies (“VST”),
including hardware chip solutions (such as chips, modules and systems),
VST-related application software, artificial intelligence (“AI”) and other
peripheral technologies that assist to integrate and/or supplement VST
applications. There is no restriction
in the geographic location of targets the Company can pursue, however, it
expressly disclaims any intent to and will not consummate a business
combination with a target business located in China or Hong Kong.
Each unit sold in the offering consists of one share of the Company’s Class
A common stock and three-quarters of one warrant, each whole warrant entitling
the holder thereof to purchase one share of Class A common stock at a price of
$11.50 per share. Only whole warrants are exercisable and will trade. Once the
securities comprising the units begin separate trading, the shares of Class A common
stock and warrants are expected to be listed on the Nasdaq under the symbols “VSAC”
and “VSACW,” respectively.
EF Hutton, division of Benchmark Investments, LLC served as sole book-running
manager on the offering.
Of the proceeds received from the consummation of the offering and a
simultaneous private placement of units, $102,718,000 was placed in the
Company’s trust account. An audited balance sheet of the Company as of November
3, 2021 reflecting receipt of the proceeds upon consummation of the offering
and the private placement will be included as an exhibit to a Current Report on
Form 8-K to be filed by the Company with the Securities and Exchange Commission
(the “SEC”).
The offering was made only by means of a prospectus. Copies of the
prospectus may be obtained by contacting EF Hutton, division of Benchmark
Investments, LLC, Attn: Syndicate Department, 590 Madison Ave, 39th Floor, New
York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697,
or by email at syndicate@efhuttongroup.com.
A registration statement relating to these securities was filed with,
and declared effective by, the Securities and Exchange Commission (the “SEC”)
on October 29, 2021. This press release shall not constitute an offer to sell
or a solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
ABOUT VISION SENSING ACQUISITION CORP.
The Company is a blank check company formed for the purpose of effecting
a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses. The
Company has not selected any specific business combination target.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking
statements,” including with respect to the anticipated use of the net proceeds.
Forward-looking statements are subject to numerous conditions, many of which
are beyond the control of the Company, including those set forth in the Risk
Factors section of the Company’s registration statement and preliminary
prospectus for the Company’s offering filed with the SEC. Copies of these documents
are available on the SEC’s website, www.sec.gov. The Company undertakes no
obligation to update these statements for revisions or changes after the date
of this release, except as required by law.
Contact:
George Peter Sobek
Chairman and Chief Executive Officer
Tel: (786) 633-2520
Email: georgesobek@hotmail.co.uk