Suneva Medical Inc, medical aesthetics player, will soon form a reverse merger with Viveon Health Acquisition Corp (NYSE:VHAQ), a special purpose acquisition company.
- Viveon Health went public through an initial public offering in December 2020 that brought in proceeds of $201 million.
- Deal Details: Once its reverse merger with Suneva has gotten the go-ahead, the companies will combine and begin trading on the New York Stock Exchange under the ticker symbol ‘RNEW.’
- Under the terms of the deal, Viveon Health will issue 25 million shares to Suneva’s current security holders, plus up to another 12 million shares if the combined company’s share price hits certain benchmarks in the five years after the transaction closes.
- Once the SPAC deal has gone through, the resulting public company is expected to have a pro forma equity value of about $511 million.
- Company Overview: Suneva develops, manufactures and commercializes solutions for the medical aesthetics market.
- The company’s portfolio includes minimally invasive solutions that utilize the body’s restorative capacity in non-surgical outpatient treatment settings to deliver immediate aesthetic results.
- Suneva has expanded the company’s product portfolio during the last 18 months to yield a greater than 40% Y/Y revenue growth with an anticipated revenue CAGR of approximately 50% between 2020-2024.