Company: FVN
Filing Date: 2025-04-14
Form Type: DRS/A
Source: 0001829126-25-002616
Chunk: 198

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-04-14
Form: DRS/A
Chunk 198
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 for 100% of VIWO equity interests. Because the valuation report provided a valuation consistent with the preliminary valuation range proposed by the Future Vision board, VIWO accepted the proposed $100 million equity valuation. Shortly thereafter, the parties reached agreement on the terms of the LOI and entered into the LOI regarding a proposed business combination between Future Vision and VIWO. The terms of the final LOI include, among others, (i) $100 million for 100% equity interest of VIWO, subject to further due diligence, (ii) agreement that a draft of the income statement as audited by Simon & Edward, LLP for the year ended September 30, 2024 will be provided by VIWO as early as possible as a reference with no significant deviation from the unaudited version, (iii) closing conditions for Future Vision to have at least $5 million at the closing of the Business Combination, (iv) closing conditions for VIWO to cause its shareholders to enter into non-compete agreements at closing, and (v) an exclusivity period of 30 days within which to execute a definitive agreement, subject to extensions upon both parties’ prior consents.

On November 26, 2024, a draft merger agreement was prepared by Future Vision’s legal counsel and provided to VIWO and its legal counsel for discussion. The draft Merger Agreement substantially reflects the terms of the LOI, including a valuation of $100 million for VIWO. In addition, Future Vision proposed that VIWO should complete and deliver its audited financial statements required for the proxy statement for the proposed Business Combination by a certain date.

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In the next few days, Future Vision and its legal counsels conducted a series of conference calls among Future Vision, VIWO and its legal counsels, discussing and exchanging the parties’ comments to the draft Merger Agreement, including VIWO’s comments on the valuation calculation, and other related matters. During the same period, Future Vision also had internal discussions regarding these issues and other open business issues in the draft Merger Agreement. And the management of Future Vision, its advisor and legal counsels, the management of VIWO and its legal counsels discussed certain terms of the draft of Merger Agreement through a series of emails and conference calls.

During the negotiation of the Merger Agreement, Future Vision’s legal counsels also had several conference calls with VIWO’s legal counsels, discussing VIWO’s legal comments on the draft Merger