Merger VENU

Venus Acquisition Corporation Announces Proposed Business Combination with VIYI Algorithm Inc.

, PR Newswire

Venus Acquisition Corporation, and VIYI Algorithm Inc., announced today that they have entered into a definitive merger agreement.

A newly created merger subsidiary of Venus will be merged with and into VIYI Algo with VIYI Algo being the surviving entity and becoming  a wholly owned subsidiary of Venus. On closing, Venus will change its name to MicroAlgo Inc.

The transaction values the company at a valuation of $400 million.

VIYI Algo is dedicated to the development and application of bespoke central processing algorithms. VIYI Algo provides comprehensive solutions to customers by integrating central processing algorithms with software or hardware, or both, thereby helping them to increase the number of customers, improve end-user satisfaction, achieve direct cost savings, reduce power consumption, and achieve technical goals. The range of VIYI Algo's services includes algorithm optimization, accelerating computing power without the need for hardware upgrades, lightweight data processing, and data intelligence services. VIYI Algo's ability to efficiently deliver software and hardware optimization to customers through bespoke central processing algorithms serves as a driving force for VIYI Algo's long-term development.

Venus has entered into a definitive and binding backstop and subscription agreement with Ever Abundant Investments Limited who has committed to backstop up to $10 million of redemption of ordinary shares by Venus stockholders or to purchase new shares from Venus at closing of the merger.

Becker & Poliakoff is acting as U.S. legal advisor to Venus and 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. and Zhuo Ne Law Firm is acting as its PRC advisor.

The transaction is expected to close in the third quarter of 2021 subject to shareholder approval and other customary closing conditions.

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