Future Vision II Acquisition Corp. (NASDAQ: FVNNU) announced on December 10, 2024, that it has entered into Amendment No. 1 to the Merger Agreement with Viwo Technology Inc. This amendment requires pre-Business Combination Viwo shareholders to enter into a lock-up agreement regarding the Future Vision shares they will receive from the Business Combination.
The lock-up agreement aims to align the interests of shareholders with the long-term growth objectives of the post-Business Combination company, Viwo Inc. Shareholders are required to agree to a lock-up period and a performance-based release mechanism based on specific financial milestones and time-based criteria.
– Two-Year Lock-Up Period: Shares will be eligible for release if Viwo Inc. achieves a 20% gross revenue growth by the end of the first fiscal year and a 30% growth by the end of the second fiscal year.
– Three-Year Lock-Up Period: If Viwo Inc. does not meet the required growth criteria in the second year, shareholders’ shares will remain locked up for a third year. Shares will be eligible for release if Viwo Inc. achieves a 126.2% gross revenue growth by the end of the third fiscal year.
Alternatively, shareholders have the option to release their shares after the third fiscal year by forfeiting 10% of their Consideration Shares. The lock-up agreement includes customary exceptions like transfers to the shareholders of Company Shareholders, gifting to immediate family members, or by court order, under set conditions.
This amendment is intended to enforce a stronger alignment between the shareholders and the company’s strategic goals. Fidel Wang of Viwo Technology Inc. commented, “By tying the release of shares to specific financial performance milestones, we are reinforcing our commitment to sustainable growth and value creation.”
Viwo Technology Inc., a tech company based in China specializing in AI and Martech services, has a firm commitment to driving business growth and enhancing corporate value for its customers. Future Vision II Acquisition Corp., a blank check company, focuses on businesses within the technology, media, and telecommunications sector.
For further details about the Business Combination, Future Vision will be filing a registration statement with the SEC, and relevant information will be made available to shareholders and interested parties in due course. Readers are advised to consider all information provided before making any investment decision regarding the proposed Business Combination.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Future Vision II Acquisition’s 8K filing here.
