NEW
YORK, Sept. 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") pursuant to which the Golden Path Merger Sub
("Golden Path Merger Sub"), a Cayman
Islands exempted company incorporated for the purpose of
effectuating 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." As a result, the Company expects that
its ordinary shares and warrants will begin trading on The Nasdaq
Capital Market under the ticker symbols "HOLO" and "HOLOW,"
respectively, starting on or about September
19, 2022, and that its units and rights will cease trading
as of the close of business combination on September 16, 2022.
MC focuses on the research and development and application of
holographic technology. It is committed to providing leading
holographic technology services to its customers worldwide. MC also
provides holographic digital twin technology services and has built
a holographic digital twin technology resource library.
In connection with the Business Combination, (i) the Company's
units, each of which is comprised of one Ordinary Share, one
warrant to purchase one-half of one Ordinary Share and one right,
have been separated into their component securities, and (ii) the
5,750,000 public rights (including those included in units) have
been converted into 575,000 Ordinary Shares. In addition, 270,500
rights held by Greenland Asset Management Corporation have been
converted into 27,050 Ordinary Shares.
Wei Peng, the new Chairman of the
Company, said, "We are entering an exciting phase for our company
where the resources of the public capital markets will be available
to enhance our R&D efforts and business growth in developing
holographic technology. We believe that this will enable us to
execute more rapidly and efficiently in delivering and scaling new
designs and products to our customers worldwide."
Shaosen Cheng, the former Chairman and Chief Executive Officer
of the Company, remarked, "We are excited about joining forces with
MC Hologram, and we believe that the combination of Golden Path's
managerial skills and capital markets experience with MC's
experienced management team and their excellent R&D
capabilities in the holographic technology will be a powerful
combination. We believe this successful transaction will deliver to
our shareholders the key benefits of a SPAC structure: capital
preservation and an opportunity for growth."
Advisors
Becker & Poliakoff, LLP served as legal advisor to
Golden Path. DLA Piper UK LLP served as legal advisor to MC.
About Golden Path Acquisition Corporation
The Company is a blank check company incorporated as a
Cayman Islands exempted company
and formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses.
About MC Hologram Inc.
MC Hologram Inc. (the "MC"), a Cayman
Islands exempted company, focuses on the research and
development and application of holographic technology. MC has been
committed to providing leading holographic technology services to
its customers worldwide. MC also provides holographic digital twin
technology services for customers and has built a holographic
digital twin technology resource library.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements." Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of Golden Path, including those set forth in the Risk
Factors section of Golden Path's Annual Report on Form 10-K and
Definitive Proxy Statement on Schedule 14A filed with the SEC.
Copies are available on the SEC's website, www.sec.gov. Words such
as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Golden Path's expectations with respect to 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 release, except as
may be required by law.
Such forward-looking statements relate to future events or
future performance, but reflect the parties' current beliefs, based
on information currently available. Certain of these factors are
outside the parties' control 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
discussed in the forward-looking statements. Factors that may cause
such differences include: business conditions; natural disasters;
changing interpretations of U.S. Generally Accepted Accounting
Principles; outcomes of government reviews; inquiries and
investigations and related litigation; continued compliance with
government regulations; changes in legislation or regulatory
environments, requirements or changes adversely affecting the
businesses of Golden Path and MC Hologram, including but not
limited the reaction of MC Hologram customers to the Business
Combination; difficulties in maintaining and managing continued
growth; restrictions on the ability to make dividend payments;,
general economic conditions; geopolitical events and regulatory
changes; and the failure to maintain the listing of Golden Path's
securities on the Nasdaq Stock Market.
The foregoing list of factors is not exclusive. Additional
information concerning these and other risk factors are contained
in Golden Path's filings with the SEC. Readers are cautioned not to
place undue reliance upon any forward-looking statements in this
press release, which speak only as of the date made. The Company
does not undertake or accept any obligation or undertaking to
publicly update or revise any forward-looking statements in this
press release to reflect any change in their expectations or any
change in events, conditions or circumstances on which any such
statement is based, except as may be required by law. Nothing
contained herein constitutes or will be deemed to constitute a
forecast, projection or estimate of the future financial
performance of the Company following the closing of the Business
Combination or otherwise.
Contact
Shaosen Cheng
Chief Executive Officer
ceo@goldenpath.cn
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SOURCE Golden Path Acquisition Corporation