Brief: Venus Acquisition Corporation Announces Proposed Business Combination With Viyi Algorithm Inc.

WiMi Hologram Cloud

10/06/2021 14:09

June 10 (Reuters) - Venus Acquisition Corp  VENA.O :
    * VENUS ACQUISITION CORPORATION ANNOUNCES PROPOSED BUSINESS
COMBINATION WITH VIYI ALGORITHM INC.
    * VENUS ACQUISITION CORP - TERMS OF PROPOSED BUSINESS
COMBINATION
PROVIDE FOR A VALUATION OF VIYI ALGO AND ITS SUBSIDIARIES AND
BUSINESSES OF $400 MILLION
    * VENUS ACQUISITION CORP - UNIT OF VENUS WILL BE MERGED WITH
AND
INTO VIYI ALGO WITH VIYI ALGO BEING SURVIVING ENTITY AND
BECOMING UNIT OF VENUS
    * VENUS ACQUISITION CORP - UPON CLOSING OF TRANSACTION,
VENUS WILL
CHANGE ITS NAME TO MICROALGO INC
    * VENUS ACQUISITION CORP - BASED UPON PER SHARE VALUE OF
$10.10
PER SHARE, VIYI ALGO STOCKHOLDERS WILL RECEIVE ABOUT 39.6
MILLION ORDINARY SHARES OF VENUS
    * VENUS ACQUISITION CORP - SHARES RECEIVED BY VIYI ALGO
STOCKHOLDERS WILL REPRESENT ABOUT 85% OF COMBINED OUTSTANDING
SHARES FOLLOWING CLOSING
    * VENUS ACQUISITION CORP - MERGER IS STRUCTURED AS A
STOCK-FOR-STOCK TRANSACTION AND IS INTENDED TO QUALIFY AS A
TAX-FREE REORGANIZATION
    * VENUS ACQUISITION CORP - PURSUANT TO TERMS OF PROPOSED
MERGER,
POST-CLOSING BOARD WILL CONSIST OF 5 MEMBERS, 4 OF WHOM WILL BE
NOMINATED BY VIYI ALGO

Source text for Eikon:  ID:nPn99hzRba 
Further company coverage:  VENA.O 

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