Virgin Group Acquisition Corp II - Ordinary Shares - Class A

NYSE:VGII  
9.84
-0.01 (-0.10%)
Debt Financing / Related, Exchange Changes, Mergers / Acquisitions

Grove Collaborative To Become Publicly Traded Company Via Transaction With Virgin Group Acquisition Corp II

Published: 12/08/2021 13:11 GMT
Virgin Group Acquisition Corp II - Ordinary Shares - Class A (VGII) - Grove Collaborative, a Leading Sustainable Consumer Products Company, to Become a Publicly Traded Company Via Transaction With Virgin Group Acquisition Corp.
Ii.
Virgin Group Acquisition Corp Ii - Transaction Implies a Combined Company Pro Forma Enterprise Value of Approximately $1.5 Billion.
Virgin Group Acquisition Corp Ii - Transaction is Expected to Result in Approximately $435 Million in Net Proceeds, Assuming No Redemptions.
Virgin Group Acquisition Corp Ii - Upon Closing, Combined Company Will Be Listed on Nyse Under New Ticker Symbol "grov".
Virgin Group Acquisition Corp Ii - Deal Includes a Fully Committed, $87 Million Common Stock Pipe With Contributions From an Affiliate of Sponsor of Vgii.
Virgin Group Acquisition Corp Ii - Grove Collaborative Co-founder and Chief Executive Officer Stuart Landesberg Participated in Pipe Financing.
Virgin Group Acquisition Corp Ii - 100% of Grove's Existing Shareholders Will Roll Their Equity Into Combined Company.
Virgin Group Acquisition Corp Ii - Combined Co Will Be Led by Stuart Landesberg, Co-founder and CEO of Grove Collaborative.
Virgin Group Acquisition Corp Ii - Existing Grove Shareholders Expected to Own 72% of Combined Co, Vgii's Sponsor is Expected to Own 3% of Combined Co.
Virgin Group Acquisition Corp Ii - Vgii Will Nominate an Appointee to Grove Board Once Transaction Closes.