MicroAlgo Inc. Issues Convertible Notes to Investors
Ticker: VENAF · Form: 6-K · Filed: Oct 9, 2024 · CIK: 1800392
Sentiment: neutral
Topics: financing, debt-issuance, convertible-notes
TL;DR
MicroAlgo Inc. just dropped new convertible notes to investors, raising cash.
AI Summary
On October 7, 2024, MicroAlgo Inc. entered into Convertible Note Purchase Agreements with certain investors. The company subsequently issued Unsecured Convertible Promissory Notes to these investors on October 8, 2024, as part of a convertible note transaction.
Why It Matters
This transaction indicates MicroAlgo Inc. is raising capital through debt financing, which could be used for operational expansion or other strategic initiatives.
Risk Assessment
Risk Level: medium — Convertible notes can dilute existing shareholders if converted into equity, and the terms of the notes are not fully detailed in this filing.
Key Players & Entities
- MicroAlgo Inc. (company) — Registrant
- October 7, 2024 (date) — Date of Convertible Note Purchase Agreements
- October 8, 2024 (date) — Date of Note Issuance
- Venus Acquisition Corp (company) — Former Company Name
FAQ
What are the principal terms of the Unsecured Convertible Promissory Notes issued by MicroAlgo Inc.?
The filing states that Unsecured Convertible Promissory Notes were issued, but the specific terms such as interest rate, maturity date, and conversion price are not detailed in this report.
Who are the 'certain investors' that entered into the Convertible Note Purchase Agreements?
The filing refers to them as 'the Investors' but does not disclose their specific identities.
What is the total principal amount of the convertible notes issued?
The total principal amount of the convertible notes issued is not specified in this 6-K filing.
What is the intended use of the funds raised through this convertible note transaction?
The filing does not specify the intended use of the funds raised from the convertible note issuance.
When did MicroAlgo Inc. change its name from Venus Acquisition Corp?
MicroAlgo Inc. changed its name from Venus Acquisition Corp on January 16, 2020.
Filing Stats: 625 words · 3 min read · ~2 pages · Grade level 12.1 · Accepted 2024-10-09 08:00:45
Key Financial Figures
- $20,000,000 — iginal principal amount of the Notes is $20,000,000. The Note has a term of 360 days comme
- $1,600,000 — an aggregate original issue discount of $1,600,000. The Company bore the costs and other t
- $0.01 — nder the Note into ordinary shares of US$0.01 each in the capital of the Company (the
Filing Documents
- microalgoinc_6k.htm (6-K) — 22KB
- microalgoinc_ex5-1.htm (EX-5.1) — 108KB
- microalgoinc_ex99-1.htm (EX-99.1) — 42KB
- microalgoinc_ex99-2.htm (EX-99.2) — 35KB
- ex5-1_001.jpg (GRAPHIC) — 3KB
- 0001829126-24-006712.txt ( ) — 213KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: October 9, 2024 MicroAlgo Inc. /s/ Min Shu Min Shu Chief Executive Officer 3