NEW
YORK, Dec. 12, 2022 /PRNewswire/ -- 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.
About Venus Acquisition Corporation
The Company is a blank check company incorporated as a
Cayman Islands exempted company
and formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses.
VIYI Algorithm Inc.
VIYI Algorithm Inc. (the "VIYI"), a Cayman Islands exempted company, is dedicated
to the development and application of bespoke central processing
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 includes 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.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements." Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of Venus, including those set forth in the Risk Factors
section of Venus's Annual Report on Form 10-K and Definitive Proxy
Statement on Schedule 14A filed with the SEC. Copies are available
on the SEC's website, www.sec.gov. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate,"
"intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "continue," and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, Venus's
expectations with respect to future performance and anticipated
financial impacts of the business transaction.
Venus undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as may
be required by law.
Such forward-looking statements relate to future events or
future performance, but reflect the parties' current beliefs, based
on information currently available. Certain of these factors are
outside the parties' control and may be difficult to predict. A
number of factors could cause actual events, performance or results
to differ materially from the events, performance and results
discussed in the forward-looking statements. Factors that may cause
such differences include: business conditions; natural disasters;
changing interpretations of U.S. Generally Accepted Accounting
Principles; outcomes of government reviews; inquiries and
investigations and related litigation; continued compliance with
government regulations; changes in legislation or regulatory
environments, requirements or changes adversely affecting the
businesses of Venus and VIYI, including but not limited the
reaction of VIYI customers to the Business Combination;
difficulties in maintaining and managing continued growth;
restrictions on the ability to make dividend payments; general
economic conditions; geopolitical events and regulatory changes;
and the failure to maintain the listing of Venus' securities on the
Nasdaq Stock Market.
The foregoing list of factors is not exclusive. Additional
information concerning these and other risk factors are contained
in Venus' filings with the SEC. Readers are cautioned not to place
undue reliance upon any forward-looking statements in this press
release, which speak only as of the date made. The Company does not
undertake or accept any obligation or undertaking to publicly
update or revise any forward-looking statements in this press
release to reflect any change in their expectations or any change
in events, conditions or circumstances on which any such statement
is based, except as may be required by law. Nothing contained
herein constitutes or will be deemed to constitute a forecast,
projection or estimate of the future financial performance of the
Company following the closing of the Business Combination or
otherwise.
Contact
Yanming Liu
Chief Executive Officer
Email: ceo@venusacq.com
917 267 4568
VENUS ACQUISITION CORPORATION
6th Floor, 477 Madison Avenue,
New York, New York
View original
content:https://www.prnewswire.com/news-releases/venus-acquisition-corporation-announces-closing-of-business-combination-microalgo-inc-to-trade-on-nasdaq-under-the-symbol-mlgo-301700527.html
SOURCE Venus Acquisition Corporation