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Tuesday, November 01, 2022 6:17:19 AM
Source
https://spacinsider.com/2022/10/25/venus-shareholders-approve-viyi-algorithm-deal-2/
October 25, 2022
Venus Acquisition Corp. (NASDAQ:VENA) announced in an 8-K this afternoon that its shareholders have approved its combination with VIYI Algorithm at a special meeting held on October 21.
A total of 5,312,658 shares of VENA’s common stock, representing approximately 87.81% of the issued and outstanding shares were present at the meeting. As of October 19, the redemption deadline, an aggregate of 4,547,395 shares of VENA’s ordinary shares were tendered for redemption, removing 98.86% of the SPAC’s trust.
The SPAC initially entered into a backstop agreement up to $10 million with Ever Abundant Investments Limited when it announced its $400 million deal on June 10, 2021. However, Venus terminated this in January so that it could enter into a new backstop with WiMi Hologram Cloud, Inc. (NASDAQ:WIMI), the majority shareholder of VIYI, for up to $15 million to cover redemptions.
The SPAC originally financed the deal with $46 million from its trust and the combined company is to be renamed MicroAlgo and will trade on the Nasdaq once the deal closes.
VIYI is a subsidiary of China-based WiMi Hologram Cloud and is focused on developing bespoke central processing algorithms to optimize client software and hardware systems.
All other measures on VENA’s ballot passed nearly unanimously and a full list of the proposals and vote tallies can be found here.
ADVISORS
- Becker & Poliakoff is acting as U.S. legal advisor to Venus.
- Ogier is acting as its Cayman Islands legal advisor.
- DLA Piper is acting as U.S. legal advisor to WiMi Hologram Could Inc. and VIYI Algorithm Inc.
- Maples and Calder (Hong Kong) LLP is acting as Cayman Islands legal advisor to VIYI Algorithm Inc.
- Zhuo Ne Law Firm is acting as its PRC advisor
Recent WIMI News
- WiMi Announced the Internet of Things (IoT) Data Perception Based on Blockchain Technology • PR Newswire (US) • 05/24/2024 03:10:00 PM
- WiMi Announced a Blockchain Data Encryption Technology Based on Machine Learning and Fully Homomorphic Encryption Algorithm • PR Newswire (US) • 05/22/2024 04:54:00 PM
- WiMi Announced PoLe Blockchain Consensus Mechanism to Enable Efficient Training of Neural Networks • PR Newswire (US) • 05/17/2024 03:58:00 PM
- WiMi Announced the Innovative Application of RAFT Consensus Algorithm in Blockchain to Build a Secure Data Management Model • PR Newswire (US) • 05/15/2024 02:20:00 PM
- WiMi Developed a Swin-Transformer and Hash-based On-Chain Copyright Detection Technology • PR Newswire (US) • 05/06/2024 02:50:00 PM
- WiMi is Working on the Blockchain Collaborative Hybrid Consensus Algorithm to Optimize Blockchain Performance and Security • PR Newswire (US) • 05/02/2024 03:40:00 PM
- WiMi Hologram Cloud Announced the B-TEC Technology to Enhance Information Security • PR Newswire (US) • 04/23/2024 03:20:00 PM
- WiMi Announced GradingShard Blockchain Sharding Technology • PR Newswire (US) • 04/22/2024 02:30:00 PM
- WiMi Announced an Efficient Connectivity Solution Based on Blockchain Lightweight Architecture 5G IoT • PR Newswire (US) • 04/18/2024 03:00:00 PM
- WiMi Developed a Hybrid Machine Learning Model Based on VMD and SVR to Lead Bitcoin Price Prediction • PR Newswire (US) • 04/08/2024 12:30:00 PM
- WiMi Developed a Lightweight Software Architecture for Payment Systems on a Blockchain Multiplexing Platform • PR Newswire (US) • 03/25/2024 02:30:00 PM
- WiMi Developed a Lightweight Multi-sectoral Data Sharing System Based on Consortium Blockchains • PR Newswire (US) • 03/21/2024 03:00:00 PM
- WiMi Announced a Bitcoin TrustBlock Validator Ensuring Secure and Reliable Transactions • PR Newswire (US) • 03/20/2024 03:40:00 PM
- WiMi Developed a Lightweight Multi-sectoral Data Sharing System Based on Consortium Blockchains • PR Newswire (US) • 03/11/2024 12:30:00 PM
- WiMi Is Researching Blockchain Optimized Data Storage Model Based on Extreme Learning Machine (ELM) Sharding • PR Newswire (US) • 03/08/2024 03:50:00 PM
- WiMi is Researching Federated Blockchain Technology to Build a Decentralized File Storage and Sharing System • PR Newswire (US) • 03/04/2024 01:30:00 PM
- WiMi Developed a New Cryptocurrency Payment System Model Based on Polygon Blockchain • PR Newswire (US) • 02/28/2024 01:30:00 PM
- WiMi Developed Efficient Prediction Models for Cryptocurrency Markets Based on Machine Learning • PR Newswire (US) • 02/27/2024 01:00:00 PM
- WiMi Developed a Blockchain-Based Data Security Model for Large Private Network Transactions • PR Newswire (US) • 02/26/2024 03:30:00 PM
- WiMi Announced MHConsensus Blockchain Algorithm Achieving Efficient Data Management • PR Newswire (US) • 02/16/2024 01:30:00 PM
- WiMi Developed K-Means Algorithm-Based Technology to Improve Security and User Trust in Bitcoin Trading Platforms • PR Newswire (US) • 02/15/2024 02:30:00 PM
- WiMi Announced Weighted PBFT to Improve Blockchain Cross-Chain Consensus Algorithm and Enhance Security and Stability of Blockchain System • PR Newswire (US) • 02/12/2024 04:30:00 PM
- WiMi Announced Multi-View Representation Learning Algorithm for Data Stream Clustering • GlobeNewswire Inc. • 02/05/2024 01:00:00 PM
- WiMi Optimized Cloud Task Scheduling in Cloud Computing Using Group Intelligence Algorithms • GlobeNewswire Inc. • 02/01/2024 01:00:00 PM
- WiMi Developed Holographic Eye-Tracking Focusing System • GlobeNewswire Inc. • 01/29/2024 01:00:00 PM
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