DLA Piper advises MC Hologram on its acquisition by SPAC Golden Path

DLA Piper has advised MC Hologram Inc. (MC), a Cayman Islands exempted company operating in China, on its definitive merger agreement on 10 September 2021 with Golden Path Acquisition Corporation, a publicly traded special purpose acquisition company (Golden Path, NASDAQ:GPCO).

The all-stock transaction values MC, its subsidiaries and businesses at USD450 million. Upon closing of the transaction, a newly created merger subsidiary of Golden Path will be merged with and into MC with MC being the surviving entity and becoming a wholly owned subsidiary of Golden Path. Existing MC stockholders will receive approximately 44,554,455 ordinary shares of Golden Path which will represent approximately 84.07% of the combined outstanding shares. Golden Path will be renamed to MicroCloud Hologram Inc. following the closing.

MC focuses on R&D, and the application of holographic technology, including high-precision holographic LiDAR and holographic digital twin technology. MC's holographic technology principally services organizations in the biotechnology, smart car and smart city industries.

The DLA Piper team was led by Corporate partners Yang Ge and James Chang, with assistance from associates ChiHang Kuok, Haiyun Chen, Vera Chen and legal assistant Lin Zhu (all based in Beijing), as well as Hong Kong-based registered foreign lawyer Samuel Mai and associate Benjamin Fung. Additional advice was provided by Tax partner Drew Young and associate Joy Cheng in New York.

Commenting on the transaction, Yang Ge said: “DLA Piper has served as the legal adviser in multiple de-SPAC transactions in the Asia-Pacific market. This deal is another testimony of our capabilities in US capital markets and M&A areas, as well as our strong TMT sector experience.”