Venus Acquisition Corporation Announces Closing Of Business Combination; MicroAlgo To Trade On Nasdaq Under The Symbol "MLGO"

Author: Benzinga Newsdesk | December 12, 2022 12:30pm

Venus Acquisition Corporation (the "Company" or "Venus") (NASDAQ:VENA) today announced that, on December 9, 2022, the Company closed the previously announced business combination (the "Business Combination") with VIYI Algorithm Inc. (the "VIYI") pursuant to which the Venus Merger Sub ("Venus Merger Sub"), a Cayman Islands exempted company incorporated for the purpose of effectuating the Business Combination merged with and into VIYI, with VIYI surviving the merger to become a wholly owned subsidiary of Venus. Venus is a publicly traded special purpose acquisition company or SPAC.

As part of the transaction, the Company changed its name to "MicroAlgo Inc." As a result, the Company expects that its ordinary shares will begin trading on The Nasdaq Capital Market under the ticker symbol "MLGO", starting on or about December 13, 2022, and that its units and rights will cease trading on December 12, 2022. The Company was informed by Nasdaq that the warrants did not satisfy initial listing requirements and would be delisted from Nasdaq on or about December 21, 2022. The Company will remain listed and trading under its current name and trading symbol on December 12, 2022.

VIYI is dedicated to the development and application of bespoke central processing algorithms. Central processing algorithms refer to a range of computing algorithms, including analytical algorithms, recommendation algorithms, and acceleration algorithms. VIYI provides comprehensive solutions to customers by integrating central processing algorithms with software or hardware, or both, thereby helping them to increase the number of customers, improve end-user satisfaction, achieve direct cost savings, reduce power consumption, and achieve technical goals. The range of VIYI's services include algorithm optimization, accelerating computing power without the need for hardware upgrades, lightweight data processing, and data intelligence services. VIYI's ability to efficiently deliver software and hardware optimization to customers through bespoke central processing algorithms serves as a driving force for VIYI's long-term development. VIYI is ideally positioned to grow its revenue quickly as a leading central processing algorithm service provider in China.

In connection with the Business Combination, (i) the Company's units, each of which is comprised of one Ordinary Share, one warrant to purchase one-half of one Ordinary Share and one right, have been separated into their component securities, and (ii) the 4,600,000 public rights (including those included in units) have been converted into 460,000 Ordinary Shares. In addition, 225,000 rights held by Yolanda Management Corporation have been converted into 22,500 Ordinary Shares.

Posted In: VENA