Venus (NASDAQ:VENA) announced this afternoon that it is has terminated its original backstop, and added a new backstop agreement to its combination with VIYI Algorithm.
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. However, Venus terminated it today to 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 buyer will have the right to acquire up to $15 million aggregate amount of shares of SPAC in the open market or private transactions at prices of no greater than the redemption price per share plus $0.05 , or $10.15 per share.
Additionally, Venus extended the outside termination date of the proposed merger to June 30, 2022.
Venus is financing the deal with the $46 million in its current trust and has not yet added a PIPE to the transaction. The combined company is to be renamed MicroAlgo and will trade on the Nasdaq once the deal is completed in the third quarter of 2022.
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.
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