Becker, a multi-practice commercial law firm with attorneys, lobbyists, and other professionals at offices throughout the East Coast, announced that its representation of Venus Acquisition Corporation and its sponsor team in connection with Venus’ initial public offering.
Venus is a blank check company (commonly called a SPAC) incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Venus has filed a registration statement with the SEC for its initial public offering of $46,000,000. The offering is being underwritten by Ladenburg Thalmann & Co., Inc. and Brookline Capital Markets, a division of Arcadia Securities, LLC.
The SEC declared the filing effective on February 8, 2021. As with many SPAC offerings, the Company is offering units comprised of shares, warrants and rights to acquire additional shares. The transaction closed on Thursday, February 11, 2021. The underwriters exercised the over-allotment to acquire an additional 600,000 units (included in the gross proceeds of 46,00,000)
Venus has a timeframe of twelve months to complete an acquisition unless its sponsor deposits additional funds into a trust account with the IPO proceeds to extend the time frame for up to an additional nine months. If a business combination is not completed within such time frame, the funds from the IPO are returned back to investors.