Venus Acquisition in an 8-K filing said it signed a backstop agreement with Joyous JD Limited, which will buy and hold up to $25 million in stock. The agreement is expected to offset redemptions following Venus shareholder approval of a busines combination last month with VIYI Algorithm.
Nearly 99% of the SPAC’s shares had been redeemed prior to the merger vote. Venus also has a $15 million backstop with WiMi Hologram Cloud, which is VIYI’s parent company, to offset redemptions. At deal announcement in June 2021, terms called for a valuation of VIYI Algo and its subsidiaries and businesses of $400 million. Read more.
