Vision Sensing Acquisition Corp. Announces Intention to Extend Period to Consummate Initial Business Combination to September 3, 2023

MIAMI, July 31, 2023 (GLOBE NEWSWIRE) -- Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW) (the “Company”) a special purpose acquisition company, announced today that it has notified Continental Stock Transfer & Trust Company that it intends to extend the date by which the Company must consummate its initial business combination from August 3, 2023 to September 3, 2023 and that its sponsor, Vision Sensing, LLC, intends to deposit into the Company’s trust account an aggregate of $72,562.86 by August 3, 2023 (the “Extension”). In connection with the Extension, the Company intends to issue to its sponsor a non-interest bearing, unsecured promissory note in the principal amount of $72,562.86 as consideration for the funding. This will be the fourth of up to six one-month extensions that the Company is authorized to obtain under its amended and restated certificate of incorporation as recently amended on May 1, 2023.

The Extension provides the Company with additional time to complete its initial business combination (the “Business Combination”) with Newsight Imaging Ltd., an Israeli company (“Newsight”), and Newsight MergerSub, Inc., a Delaware corporation and wholly-owned subsidiary of Newsight (“Merger Sub”), pursuant to a business combination agreement dated August 30, 2022 (as it may be amended and/or restated from time to time, the “Business Combination Agreement”), pursuant to which: (i) Merger Sub will merge into the Company resulting in the Company becoming a wholly-owned subsidiary of Newsight, (ii) Newsight will register as a publicly traded company, (iii) Newsight’s existing shares will be split to facilitate a fully diluted value per Newsight share of US$10.00, (iv) the Company’s common stock will be exchanged on a one-for-one basis for Newsight Ordinary Shares and (v) 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 (such transactions, the “Business Combination”). The combined company’s common stock is expected to trade on the Nasdaq Capital Market under the ticker symbol “NSIM”.