Venus Acquisition Corporation announced a private placement of 215,000 units at a price of $10 per unit for gross proceeds of $2,150,000 on December 18, 2020. The transaction will include participation from Yolanda Management Corporation. Each unit consists of one common share, one right to receive one-tenth of an ordinary share upon the consummation of an initial business combination and one warrant.

Each warrant entitles the holder to purchase one-half of one ordinary share at a price of $11.50. The securities to be issued have a hold period of 30 days. The company has granted over-allotment option to the underwriters  as part of the transaction.

The company will issue additional 225,000 units for $2,250,000 if over-allotment option is exercised.