Newsight Imaging will merge with SPAC for a $215 million valuation

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Israeli company Newsight Imaging, which develops vision sensing chips, devices and applications, has announced that it is merging with SPAC Vision Sensing Acquisition Corp. (VSAC), listed on the Nasdaq. 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 buyout as part of the business combination and the addition of the proceeds of possible financing up to $40 million, translates to a combined pro forma enterprise value of $380 million.

The transaction is expected to close in Q4 2022. The combined company will be led by Eli Assoolin, CEO of Newsight Imaging.

Newsight’s wide range of applications and customers include automotive driving vision and safety, spectral/remote diagnostics, healthcare and sustainability, smart cities and infrastructure, smartphone applications, Internet of Things and growing Metaverse applications.

“Newsight has reached a growth inflection point, with significant traction for our commercial products and multiple strategic partnerships established with industry leaders,” said Eli Assoolin, CEO of Newsight Imaging. “We are privileged to have the support of leading investors and potential access to the U.S. capital markets following the closing of this proposed transaction, which will leave Newsight well capitalized to deliver our innovative solutions. We believe the technology of Newsight is strategically positioned for growth with the growing need for advanced vision solutions in today’s smart machines and technologies, with multiple uses with huge market potential.

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