Miami company goes public to raise $88M for vision sensing technology deals – South Florida Business Journal – South Florida Business Journal

A Miami-based blank check company launched its initial public offering with the goal of raising $88 million to merge with private technology ventures.
Vision Sensing Acquisition Corp. is led by CEO George Peter Sobek, the former deputy chief compliance officer and money laundering reporting officer of Citadel Group Asia-Pacific, a hedge fund and asset manager. He was previously head of compliance for business development for Jane Street Asia Limited, a global proprietary electronic trading firm. The company’s CFO is Hang Kon Louis Ma, an executive director and CFO of G.A. Holdings Limited, a Singapore-based holding company and motor vehicle distributor that operates in Hong Kong and China.
As a blank check company, or special purpose acquisition company, Vision Sensing Acquisition Corp. was formed with the goal of making an acquisition, merger or stock purchases. The company aims to combine with vision sensing technologies (VST) businesses, according to documents filed with the U.S. Securities and Exchange Commission.
“VST can be used to capture images and spectral signals at high speed to determine the presence, orientation and the accuracy of surrounding objects,” the documents said. “[It] is an essential technology to the Internet of Things and has been widely adopted in many industries and becoming an important element for smart future developments.”
VST sensors are already being used by the automotive industry to make vehicles safer, and are expected to be adopted by other sectors – like manufacturing – that are embracing automation. That technology is also a key to powering the “internet of things,” or a network of physical devices embedded with sensors and software that enable them to connect and exchange data. That can include smart watches, virtual assistants, connected kitchen appliances and smart city technologies like automated streetlight controls.
Vision Sensing Acquisition Corp. reports it will not pursue deals with businesses located in China or Hong Kong. Shares are priced at $10 each and began trading on the Nasdaq under the symbol “VSACU” on Nov. 1. The offering will close Nov. 3.
The company is among a record number of SPACs that formed over the past year as businesses seek alternatives to traditional initial public offerings.
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