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WiMi Hologram Cloud (WIMI) Stock Falls 15% in a Week: Now What?

The emergence of fresh news is not often a factor behind stock movements and that can be best illustrated by the sharp decline in the WiMi Hologram Cloud Inc (NASDAQ:WIMI) stock over the course of the past week.

There has been no news about the company at all in the past week but the WiMi Hologram stock has performed poorly and tanked by as much as 15% during the period. The last major news in relations to WiMi Hologram was with regards to a merger agreement related to one of the companies that it controls.

Back on June 10, 2021, the company announced that VIYI Algorithm Inc, a company that WiMi controls, signed a definitive merger agreement with Venus Acquisition Corporation, which is a publicly listed SPAC or special purpose acquisition company.

A merger subsidiary of Venus is going to be created and that is going to be merged into VIYI Algorithm. After this move, VIYI Algorithm is going to remains as the surviving company and continue as a fully owned subsidiary of Venus. The name of Venus is going to be changed to MicroAlgo Inc after the entire transaction is completed.

Published by Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.

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