Venus Acquisition, which ahas a merger agreement with VIYI Algorithm, filed a proxy seeking an extension until Dec. 11 to close the deal. The SPAc in the filing said it does not expect to complete the merger arrangements and put the matter to a vote before next month’s deadline. If approved, this would be the fourth extension since the deal was announced in June 2021.
Terms at deal announcement provided for a valuation of VIYI Algorith and its subsidiaries and businesses of $400 million. Based upon a per-share value of $10.10 per share, VIYI 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. Read more.
