Venus Acquisition in an 8-K filing disclosed it has terminated a $10 million backstop agreement with Ever Abundant Investments and replaced it with a $15 million agreement with WiMi Hologram Cloud, which is the majority shareholder of VIYI Algorithm, the SPAC’s pending merger partner.
Venus and VIYI agreed to extend the outside date for completing the deal until June 30.
As announced in June 2021, terms provide for a valuation of VIYI Algo and its subsidiaries and businesses of $400 million. Based upon a per-share value of $10.10 per share, VIYI Algo stockholders will receive approximately 39.6 million ordinary shares of Venus which will represent approximately 85 percent of the combined outstanding shares following the closing.
If the deal is approved by the SPAC’s stockholders, China-based VIYI will be the surviving entity and become a wholly-owned subsidiary of Venus. Upon closing, Venus will change its name to MicroAlgo. Read more.
