Venus Acquisition filed a prospectus outlining its proposed merger with VIYI Algorithm.
Venus and VIYI have agreed to extend the outside date for completing the deal until June 30.
VIYI integrates central processing algorithms with clients’ software and hardware.
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.
Venus also has a $15 million backstop against redemptions. The deal was announced in June 2021.
If 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.
