Venus Acquisition in prospectus outlined its proposed merger with VIYI Algorithm, which 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 would receive approximately 39.6 million ordinary shares of Venus that will represent 85% of the combined outstanding shares following the closing.
Venus also has a $15 million backstop against redemptions.
The parties earlier this month agreed to extend the outside termination date of their deal to Nov. 11. This is the third such extension.
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.
