VENUS ACQUISITION CORPORATION Announces Pricing of $40 Million Initial Public Offering

Rhea-AI Summary

On February 8, 2021, Venus Acquisition Corporation announced the pricing of its initial public offering (IPO) of 4,000,000 units at $10.00 each. The units, expected to trade on NASDAQ under the ticker symbol 'VENAU' starting February 9, 2021, consist of one ordinary share, a right to receive one-tenth of an ordinary share, and a warrant to acquire half an ordinary share at an exercise price of $11.50. The offering is set to close on February 11, 2021, pending customary closing conditions. Ladenburg Thalmann & Co. Inc. leads the underwriting team.

Positive

• Successful IPO pricing at $10.00 per unit.
• Listing of units on NASDAQ enhances visibility and credibility.
• Potential for additional 600,000 units to be purchased by underwriters.

Negative

• No immediate target identified for business combination.
• Market uncertainty surrounding SPACs may affect stock performance.

NEW YORK, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Venus Acquisition Corporation, a Cayman Island company (NASDAQ: VENAU) announced today that it priced its initial public offering of 4,000,000 units at $10.00 per unit.

The Company's units are expected to be listed on NASDAQ ("NASDAQ") and trade under the ticker symbol "VENAU" beginning Tuesday, February 9, 2021. Each unit consists of one ordinary share, one right to receive one-tenth (1/10) of an ordinary share and one redeemable warrant to acquire one-half an ordinary share at an exercise price of $11.50 for each whole share. The underlying securities are not trading separately.  Once the securities comprising the units begin separate trading, the shares, rights, and warrants are expected to be listed on NASDAQ under the symbols "VENA," "VENAR" and "VENAW," respectively.

Ladenburg Thalmann & Co. Inc. is acting as the lead left bookrunner and the representative of the underwriters in the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC is a joint bookrunner. The underwriters have been granted a 30-day option to purchase up to an additional 600,000 units offered by the Company to cover over-allotments, if any.

The offering is expected to close on Thursday, February 11, 2021 subject to customary closing conditions.

About Venus Acquisition Corporation

Venus Acquisition Corporation. is a newly organized blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on February 8, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Ladenburg Thalmann & Co., Inc. located 640 5th Ave., 4th Floor, New York, NY 10019 or at prospectus@ladenburg.com.  Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Company Contacts:

Venus Acquisition Corporation
Yanming Liu
Chief Executive Officer
liuym@msn.com

FAQ

What is the IPO price for Venus Acquisition Corporation?

The IPO price for Venus Acquisition Corporation is $10.00 per unit.

When will the units of Venus Acquisition Corporation start trading?

The units are expected to begin trading on NASDAQ under the ticker symbol 'VENAU' on February 9, 2021.

What does each unit consist of in the Venus Acquisition Corporation IPO?

Each unit consists of one ordinary share, one right to receive one-tenth of an ordinary share, and one redeemable warrant.

What is the exercise price of the warrants in the Venus Acquisition Corporation offering?

The exercise price of the warrants is $11.50 for each whole share.

What are the closing conditions for the Venus Acquisition Corporation IPO?

The offering is expected to close on February 11, 2021, subject to customary closing conditions.