IPO - MicroCloud Hologram Inc.

Form Type: F-3

Filing Date: 2025-07-15

Corporate Action: Ipo

Type: New

Accession Number: 000182912625005067

Filing Summary: On July 15, 2025, MicroCloud Hologram Inc. filed a registration statement on Form F-3 with the SEC, indicating their intention to offer up to $300,000,000 of various securities including ordinary shares, preferred shares, debt securities, warrants, rights, and units. This offering follows their previous business combination with Golden Path Acquisition Corporation, after which the company rebranded to MicroCloud Hologram Inc. The financial condition of the company indicates that as of May 28, 2025, the market value of their outstanding ordinary shares held by non-affiliates is approximately $145.1 million. The document details the regulatory and operational risks associated with the company’s structure as a Cayman Islands holding company conducting business through its subsidiaries located in the People’s Republic of China (PRC). It emphasizes the legal and operational challenges linked to PRC regulations, indicating that the company faces a complex environment that could affect its securities offerings and operational capabilities. Notable risks include potential interventions by the PRC government and the requirements under the Holding Foreign Companies Accountable Act (HFCA Act) that could impact trading of their shares if audit inspections are compromised.