WiMi Hologram Cloud Inc. (NASDAQ:WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that VIYI Algorithm Inc., ("VIYI Algo" ), a company controlled by WiMi, has completed a merger with Venus Acquisition Corporation, a special purpose acquisition company (SPAC), through a public offering in a transaction valued at $400 million.
VIYI Algo is valued at $400 million. And WiMi is the legal beneficial owner of 73% of the issued and outstanding voting securities of VIYI. After VIYI Algo listing on NASDAQ, WiMi's intrinsic value will be highlighted. The surviving entity will be renamed MicroAlgo Inc. and will trade under the NASDAQ symbol "MLGO" on Dec 13, 2022. After listing, as the majority shareholder, WiMi will effectively control MicroAlgo Inc. by holding 63.32% of the voting power of the issued and outstanding ordinary shares, which has a positive and favorable enhancement effect on the intrinsic value of WiMi.
VIYI is dedicated to the development and application of customized 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 customized central processing algorithms serves as a driving force for VIYI's long-term development.
Shuo Shi, the Founder and Chief Executive Officer of WiMi, said, " WiMi owns 73% of the legal and beneficial owners of VIYI's $400 million valuation. As a leading provider of central processing algorithm services, VIYI is in an ideal position for rapid revenue growth. WiMi's investment in VIYI Algo to trade on The Nasdaq Capital Market is conducive to maintaining the company's leading competitive advantage in the metaverse and holographic AR industry. Both parties will support each other in technology, product and market, which will help us seize the market opportunity in the field of central processing algorithm services, thus forming a unique market competitiveness. Looking ahead, we will continue to seize market opportunities, and strengthen the company's strength of AI algorithms and cloud computing services to create more long-term value for our shareholders."