secwatch.observer — SEC 8-K summary
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Issuer:     MicroAlgo Inc. (MLGO)
CIK:        0001800392
Form:       8-K
Filed at:   2022-11-23T23:59:59+00:00
Accession:  0001829126-22-019486
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Backstop agreement secures up to $25M to cover SPAC share redemptions for VIYI Algorithm merger
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- Joyous JD Limited agrees to purchase redeemed shares in open market or private transactions up to $25 million at redemption price.
- Sponsor Yolanda Management to convert $2.14M in loans to shares and transfer them to Joyous JD on closing.
- Backstop ensures sufficient shares remain after redemptions to satisfy conditions for the merger with VIYI Algorithm.
- Buyer agrees not to exercise any redemption rights on shares it acquires under the agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1800392/000182912622019486/0001829126-22-019486-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1800392/000182912622019486/venusacqcorp_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-22-019486

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer