Company: FVN
Filing Date: 2025-02-14
Form Type: DRS/A
Source: 0001829126-25-000945
Chunk: 195

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-02-14
Form: DRS/A
Chunk 195
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service to “high quality” customers. VIWO’s strategic realignment was undertaken in response to heightened market
competition and prevailing economic uncertainties in 2024 (which VIWO saw caused decreased digital marketing spending by its
potential customers). VIWO asserted that this customer-centric approach, while recognized as potentially impacting short-term
financial results, was implemented to optimize long-term value creation. In its due diligence, Future Vision discovered that VIWO had indeed significantly decreased low revenue generating customers in 2024 and
increased large customers.

In the next few days, a series of due diligence conference calls and meetings took place between Future Vision and VIWO management. During this period of time, Future Vision conducted due diligence review of the materials and information provided by VIWO, and had a series of internal discussions. Future Vision also had a series of conference calls with VIWO management regarding issues identified in the due diligence and the proposed merger.

Following the due diligence review, Future Vision believed that the proposed Business Combination with VIWO would be a feasible transaction.

On November 25,
2024, KKG reported to the Future Vision board of directors on its valuation of 100% equity of VIWO. Shortly thereafter, Future
Vision reached out to VIWO to further discuss the results of the valuation and to narrow down on a definite valuation 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