Business
Future Vision II Acquisition Corp. Announces Entering into Amendment No. 1 to Merger Agreement with Viwo Technology Inc.
NEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Future Vision II Acquisition Corp., (NASDAQ: FVNNU) a publicly traded special purpose acquisition company (the
About this update from Future Vision Ii Acquisition Corporation
[{"type":"text","content":"NEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Future Vision II Acquisition Corp., (NASDAQ: FVNNU) a publicly traded special purpose acquisition company (the “Future Vision”), and Viwo Technology Inc., a Cayman Islands exempted company operating its business via wholly owned entities in China (“Viwo”), today announced that, on December 10, 2024, they have entered into Amendment No. 1 to the Merger Agreement. Amendment No. 1 to the Merger Agreement requires pre-Business Combination Viwo shareholders to enter into a lock up agreement with respect to Future Vision shares they receive from the consummation of the Business Combination. The lock up is designed to align the interests of these shareholders with the long-term growth of the post-Business Combination company, Viwo Inc. Under the terms of the lock-up agreement, shareholders will be required to enter into a lock-up agreement, which includes a Viwo Inc. performance based release mechanism. This mechanism provides that shares are released based on the achievement of specific financial performance milestones and time-based criteria. Key Highlights of the Lock-Up Agreement: Company Shareholders’ shares received in connection with the consummation of the Business Combination will be locked up for two (2) or three (3) years from the Effective Time of the Business Combination if the following performance-based milestone is met by Viwo Inc. Condition of the Two-Year Lock-Up Period Shares will be eligible for release if Viwo Inc. achieves an audited gross revenue growth of 20% by the end of the first fiscal year and 30% by the end of the second fiscal year, or a compounded growth rate of 24.96% year over year for the two-year period. If Viwo Inc. does not achieve the required gross revenue growth, than the shares will be locked up for a third year. Condition of the Three-Year Lock-Up Period: Shares will be eligible for release if Viwo Inc. achieves an audited gross revenue growth of 126.2% by the end of the third fiscal year, representing a compounded growth rate of 28.46% year over year, or 45% revenue growth from the second year assuming Viwo Inc. achieves a compounded growth rate of 24.96% year over year for the first and second years. Forfeiture of Shares to Release Lock Up: Alternatively, shareholders may effect the forfeiture of 10% of their Consideration Shares after the end of t...