Company: FVN
Filing Date: 2025-04-14
Form Type: DRS/A
Source: 0001829126-25-002616
Chunk: 196

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-04-14
Form: DRS/A
Chunk 196
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 the innovation of candidates in the field of intelligent AR training technology in the metaverse, but considering that the field is still in its early stages of development, market acceptance and profit models are still unclear. At the same time, the technical implementation of the candidate is difficult, the cost of R&D investment is high, and there are technical challenges from multiple aspects. In addition, its management team has relatively limited experience in the field of the metaverse, making it difficult to effectively respond to market changes and risks. Therefore, we did not engage in any transactions with this candidate.

Background to Negotiations with VIWO

The background of Future Vision’s interaction with VIWO is as follows:

On November 1, 2024, VIWO was introduced to Future Vision by a third party. On November 12, 2024, Future Vision held an online meeting with the management of VIWO, China. Danhua Xu, Future Vision’s CEO and Director of the Board and Caihong Chen, Future Vision’s CFO, attended the meeting. Fidel Yang, VIWO’s CEO, engaged in all substantive negotiations on behalf of VIWO which included presenting the business plan to Future Vision and e make negotiations with regards to valuation, and discussing VIWO’s presentation.

Danhua Xu reported the above meeting and conference call to Future Vision’s Board of Directors. Future Vision believed the management team of VIWO was sophisticated with many years’ experiences in the Intelligent digital technology industry.

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Between November 2, 2024 and November 12, 2024, a series of conference calls and meetings took place between Future Vision and VIWO management. Future Vision also had a number of internal calls among its management and board members to discuss the proposed transaction with VIWO.

On November 13, 2024, Future Vision proposed a letter of intent (“LOI”) to VIWO. The initial terms of the LOI include, among others, a preliminary valuation between $80 million to $120 million for VIWO, subject to further due diligence, including engaging a financial valuation firm to provide a valuation analysis to validate the preliminary valuation range as determined by the Future Vision board.

In the next few days, Future Vision and VIWO had several discussions regarding the terms of the LOI, including (i) the proposed valuation for VIWO, (ii) the amount of funds remaining at Future Vision at the closing of the Business Combination, and (iii) the exclusivity period of the LOI. VI