Vision Sensing intends to transfer all trust funds to deposit account

Vision Sensing Acquisition announced that upon authorizing the release of funds from its trust account to pay redemptions of its public shares in connection with its previously announced special meeting of stockholders scheduled for October 20, 2023, it will instruct Continental Stock Transfer & Trust Company, the trustee of the trust account holding the remaining proceeds from its initial public offering, to liquidate all of the assets in the trust account and transfer the cash proceeds into an interest-bearing demand deposit account, which will then be the sole asset of the trust account. The purpose of the special meeting of stockholders is to obtain stockholder approval of amendments to the Company’s certificate of incorporation and trust agreement to allow the Company to obtain up to six 1-month extensions of the deadline to complete its initial business combination from November 3, 2023 to up to May 3, 2024. The extensions will provide the Company with additional time to complete its initial business combination with Newsight Imaging Ltd., an Israeli company, and Newsight MergerSub, Inc., a Delaware corporation and wholly owned subsidiary of Newsight, pursuant to a business combination agreement dated August 30, 2022, pursuant to which: Merger Sub will merge into the Company resulting in the Company becoming a wholly-owned subsidiary of Newsight, Newsight will register as a publicly traded company, Newsight’s existing shares will be split to facilitate a fully diluted value per Newsight share of US$10.00, the Company’s common stock will be exchanged on a one-for-one basis for Newsight Ordinary Shares and warrants to purchase the Company’s common stock will instead become eligible to purchase the same number of Newsight Ordinary Shares at the same exercise price and for the same exercise period. The combined company’s common stock is expected to trade on the Nasdaq Capital Market under the ticker symbol “NSIM”.