DLA Piper advises VIYI Algorithm on its acquisition by SPAC Venus

DLA Piper has advised VIYI Algorithm Inc. (VIYI) on its acquisition by Venus Acquisition Corporation (Nasdaq: VENA) , a publicly traded special purpose acquisition company (SPAC).

The all-stock transaction, structured as a reverse triangular merger, values VIYI at USD400 million. Upon closing of the transaction, existing VIYI shareholders will represent approximately 85% of the total outstanding share capital of the combined entity, which will be renamed to MicroAlgo Inc. and continue to be listed on NASDAQ.VIYI is a high-tech company specializing in the development and application of bespoke central processing algorithms, servicing enterprise customers in internet advertising, gaming, and the intelligent chips sector.

The transaction was led by DLA Piper’s US Capital Markets partner Yang Ge and M&A partner James Chang, with assistance from associate ChiHang Kuok and legal assistant Lin Zhu (all based in Beijing), as well as registered foreign lawyer Misha Yang in Hong Kong. Additional advice was provided by Tax partner Drew Young and associate Joy Cheng in New York.

Yang Ge commented: “SPAC transactions are really picking up momentum in Asia Pacific. DLA Piper has acted as legal adviser on multiple de-SPAC transactions in the Asia Pacific market, thanks to our team’s extensive experience advising target companies wishing to navigate an alternative and efficient route to public capital markets, as well as helping financial investors to negotiate the optimal exit strategy in such transactions.”