Vision Sensing Acquisition Corp. Extends Initial Business Combination Deadline to August 3, 2024

NEW YORK, July 8, 2024 -- Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW) (the "Company"), a special purpose acquisition company, announced that on July 2, 2024, its sponsor, Vision Sensing, LLC, deposited $51,016.10 into the Company’s trust account. This deposit allows the Company to extend the deadline for completing its initial business combination from July 3, 2024, to August 3, 2024. This marks the third extension out of a possible six one-month extensions authorized under the Company's amended and restated certificate of incorporation, which was recently updated on April 30, 2024.

The extension grants the Company additional time to finalize its initial business combination with Mediforum Co., Ltd., a South Korean biotechnology firm, as per the merger agreement dated January 12, 2024. This agreement may be subject to further amendments and restatements.

Mediforum Co., Ltd., founded in 2015 and headquartered in Seoul, Korea, is a prominent biotechnology company with a focus on improving the quality of life for individuals suffering from conditions such as Alzheimer's disease (AD) and neuropathic pain. The company is led by a management team with extensive experience in the biotech industry. Mediforum's flagship product, PM012, is currently in Phase 2b clinical trials for Alzheimer's disease, with plans to proceed to Phase 3 trials in Korea and the U.S. PM012 is also being explored for its potential in treating Parkinson’s disease (PD) and stroke.

Additionally, Mediforum is developing MF018, a non-narcotic therapy for Chemotherapy-Induced Peripheral Neuropathy (CIPN), which is in Phase 2 trials with plans for Phase 3 trials. MF018 is also being evaluated for its effectiveness in treating Diabetic Peripheral Neuropathy (DPN). Mediforum aims to become the first Korean biotechnology firm to be listed on NASDAQ, underscoring their commitment to innovation and transformative healthcare solutions.

Norwich Capital Limited and the American General Business Association & SME Overseas IPO Capital Group are the Lead Advisor and Co-Advisor for Mediforum, respectively. Loeb & Loeb LLP is acting as the U.S. Legal Counsel for Mediforum, and Next Law LLP is handling Korean Legal Counsel duties.

Vision Sensing Acquisition Corp. is a Special Purpose Acquisition Company (SPAC) focused on acquiring private technology companies. EF Hutton, a division of Benchmark Investments, LLC, is serving as the Capital Market Advisor to VSAC, while ARC Group Limited is the Financial Advisor to VSAC.

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