Golden Path Acquisition Corporation Announces Closing of Business Combination; MicroCloud Hologram Inc. trades on Nasdaq under the symbol “HOLO”.
NEW YORK, September 16, 2022 /PRNewswire/ — Golden Path Acquisition Corporation (the “Company” or “Golden Path”) (NASDAQ: GPCO) today announced the closing of the previously announced business combination (the “Business Combination”) with MC Hologram Inc. (the “MC”) under which the Golden Path Merger Sub (“Golden Path Merger Sub”), a Cayman Islands exempt company formed for the purpose of effecting the business combination merged with and into MC, with MC surviving the merger to become a wholly owned subsidiary of Golden Path. The Company is a publicly traded special purpose acquisition company or SPAC.
As part of the transaction, the company changed its name to “MicroCloud Hologram Inc.” Accordingly, the Company anticipates that its common stock and warrants will begin trading on the Nasdaq Capital Market under the trading symbols “HOLO” and “HOLOW”, respectively, on or about September 19, 2022and that its shares and rights will cease to be traded as of the closing of the business combination on September 16, 2022.
MC focuses on the research and development and application of holographic technology. It is committed to providing state-of-the-art holographic technology services to its customers around the world. MC also provides holographic digital twin technology services and has created a holographic digital twin technology resource library.
In connection with the Business Combination, (i) the units of the Company, each of which consists of one Ordinary Share, a warrant to purchase half of an Ordinary Share and a right, have separated into their constituent titles, and (ii) the 5,750,000 public rights (including those included in the shares) were converted into 575,000 Ordinary Shares. In addition, 270,500 rights held by Greenland Asset Management Corporation were converted into 27,050 common shares.
Wei Pengthe company’s new president, said, “We are entering an exciting phase for our company where resources from the public capital markets will be available to bolster our R&D efforts and grow our business in the development of holographic technology. We believe this will allow us to more quickly and efficiently deliver and scale new designs and products to our customers around the world. »
Shaosen Cheng, the company’s former Chairman and CEO, said, “We are delighted to join forces with MC Hologram, and we believe that the combination of the managerial skills and capital markets experience of Golden Path with MC’s experienced management team and their excellent R&D capabilities in holographic technology will be a powerful combination. We are confident that this successful transaction will provide our shareholders with the key benefits of a SPAC structure: capital preservation and an opportunity for growth. »
Becker & Poliakoff, LLP served as legal counsel to Golden Path. DLA Piper UK LLP acted as legal adviser to MC.
About Golden Path Acquisition Corporation
The Company is a blank check company incorporated in Cayman Islands exempt company incorporated for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
About MC Hologram Inc.
MC Hologram Inc. (the “MC”), a Cayman Islands exempt company, focuses on the research and development and application of holographic technology. MC is committed to providing advanced holographic technology services to customers around the world. MC also provides holographic digital twin technology services to its customers and has created a holographic digital twin technology resource library.
This press release contains statements that may constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond Golden Path’s control, including those set forth in the Risk Factors section of Golden Path’s Annual Report on Form 10-K and in the Definitive Proxy Statement at appendix 14A filed with SECONDE. Copies are available on the SEC’s website, www.sec.gov. Words such as “expect”, “estimate”, “project”, “budget”, “expect”, “anticipate”, “intend”, “plan”, “may”, “will” , “could”, “should”, “believes”, “predicts”, “potential”, “continues” and other similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the expectations of Golden Path regarding the future performance and anticipated financial impacts of the business transaction.
Golden Path undertakes no obligation to update these statements for revisions or changes after the date of this publication, except as required by law.
These forward-looking statements relate to future events or future performance, but reflect the current beliefs of the parties, based on information currently available. Some of these factors are beyond the control of the parties and may be difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results referred to in the forward-looking statements. Factors that could cause such differences include: commercial terms; natural disasters; change interpretations of generally accepted accounting principles in the United States; government examination results; inquiries and investigations and related litigation; continued compliance with government regulations; changes in the legislative or regulatory environments, requirements or changes adversely affecting the business of Golden Path and MC Hologram, including, but not limited to, the reaction of MC Hologram’s customers to the Business Combination; difficulties in sustaining and managing continued growth; restrictions on the ability to pay dividends; general economic conditions; geopolitical events and regulatory developments; and the inability to maintain the listing of Golden Path’s securities on the Nasdaq stock market.
The above list of factors is not exclusive. Additional information regarding these and other risk factors is contained in Golden Path’s filings with the SEC. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release, which speak only as of the date of publication. The Company neither undertakes nor accepts any obligation or undertaking to publicly update or revise any forward-looking statements contained in this press release to reflect any change in their expectations or any change in events, conditions or circumstances about which such statement is based, except as required by law. Nothing contained herein constitutes or shall be deemed to constitute a forecast, projection or estimate of the future financial performance of the Company after the closing of the Business Combination or otherwise.
Chief executive officer
SOURCE Golden Path Acquisition Corporation