More than 2 1/2 months after shareholders approved the deal, Venus Acquisition today announced that it closed its business combination with VIYI Algorithm.
As part of the transaction, the company changed its name to MicroAlgo. Shares will begin trading tomorrow on the Nasdaq. The company said it was informed by Nasdaq that the warrants did not satisfy initial listing requirements and would be delisted Dec. 21.
In connection with the merger, the company’s units have been separated into their component securities. The 4.6 million public rights have been converted into 460,000 shares. In addition, 225,000 rights held by Yolanda Management have been converted into 22,500 shares.
After three merger deadline extensions, nearly 99% of the SPAC’s shares had been redeemed ahead of the SPAC shareholder vote. Venus had a $15 million backstop with WiMi Hologram Cloud, which is VIYI’s parent company, to offset redemptions. Read more.
