vm hotel acquisition corp said thursday that it has agreed to acquire all of the issued and outstanding shares of commercial airpurifiermanufacturer the pyure company inc taking it public special purpose acquisition company vm hotel acquisition said it has entered into an agreement to buy the shares of floridabased pyure for a consideration value of around 250 million which if completed would be considered the companys qualifying acquisition special purpose acquisition companies or spacs are public companies created for the purpose of acquiring or merging with an existing business pyure manufactures and distributes hydroxylairpurification technology and offers design commissioning and maintenance services the company also has a cloudbasedmanagementplatform component that monitors and controls its devices which generates recurring revenues through a softwareasaservice model vmh believes that the increasing and unmet global demand for indoor air quality coupled with the absence of a dominant effective and affordable technological solution that is also energy efficient creates a timely opportunity for pyures technology to quickly gain considerable worldwide market share vm hotel acquisition said