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Venus Acquisition Corp. (VENA) Shareholders Approve VIYI Algorithm Deal
Venus Acquisition Corp. (VENA) Shareholders Approve VIYI Algorithm Deal
by Marlena Haddad on 2022-10-25 at 4:41pm

Venus Acquisition Corp. (NASDAQ:VENA) announced in an 8-K this afternoon that its shareholders have approved its combination with VIYI Algorithm at a special meeting held on October 21.

A total of 5,312,658 shares of VENA’s common stock, representing approximately 87.81% of the issued and outstanding shares were present at the meeting. As of October 19, the redemption deadline, an aggregate of 4,547,395 shares of VENA’s ordinary shares were tendered for redemption, removing 98.86% of the SPAC’s trust.

The SPAC initially entered into a backstop agreement up to $10 million with Ever Abundant Investments Limited when it announced its $400 million deal on June 10, 2021. However, Venus terminated this in January so that it could enter into a new backstop with WiMi Hologram Cloud, Inc. (NASDAQ:WIMI), the majority shareholder of VIYI, for up to $15 million to cover redemptions.

The SPAC originally financed the deal with $46 million from its trust and the combined company is to be renamed MicroAlgo and will trade on the Nasdaq once the deal closes.

VIYI is a subsidiary of China-based WiMi Hologram Cloud and is focused on developing bespoke central processing algorithms to optimize client software and hardware systems.

All other measures on VENA’s ballot passed nearly unanimously and a full list of the proposals and vote tallies can be found here.


ADVISORS

  • Becker & Poliakoff is acting as U.S. legal advisor to Venus
  • Ogier is acting as its Cayman Islands legal advisor.
  • DLA Piper is acting as U.S. legal advisor to WiMi Hologram Could Inc. and VIYI Algorithm Inc.
  • Maples and Calder (Hong Kong) LLP is acting as Cayman Islands legal advisor to VIYI Algorithm Inc.
  • Zhuo Ne Law Firm is acting as its PRC advisor
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