VG Acquisition Corp. (NYSE:VGAC) announced in a press release that its shareholders approved its combination with genetic researcher 23andMe at a special meeting held earlier today.
The SPAC did not disclose redemption figures, but noted that more than 87% of the votes cast were in favor of the approval of the merger agreement. Shareholders also voted overwhelmingly to approve the other proposals presented at the meeting.
VG opened at $10.01 on the day of its redemption deadline June 8, just under its estimated $10.02 pro rata trust value, but its shares have traded above trust value ever since. Rumors of a good vote appear to have already rippled out in the market as the stock rose 8.12% to $10.99 on the day.
The transaction is now expected to close on June 16 with the combined entity’s shares and warrants commencing trading on the Nasdaq under the symbols “ME” and “MEUSW” on June 17, respectively.
VG and 23AndMe initially announced the $3.46 billion deal on February 4. 23andMe provides consumers information about their ancestry and gene-based health factors through DNA tests and has leveraged its platform for broader genetic research.
VG’s shareholder approval marks the tenth successful SPAC vote since June 1st.
ADVISORS
- Citi is serving as lead financial advisor, capital markets advisor and placement agent to 23andMe
- Morgan, Lewis & Bockius LLP is serving as legal counsel to 23andMe
- Credit Suisse acted as lead financial advisor, capital markets advisor and placement agent to VG Acquisition Corp
- LionTree Advisors acted as financial advisor and Davis Polk & Wardwell LLP is serving as legal counsel to VG Acquisition Corp
Indigo (NASDAQ:INACU) has filed for a $100 million SPAC to take a first-time team on a broad search for a target as 2025 SPACs hit a key milestone. The new SPAC is to sell units containing one right to a 1/10 share in each with no overfunding of its trust. Shareholders are slated to get...
At the SPAC of Dawn SPAC votes are to heat up in a shortened week that is to see markets closed on Thursday. Teams have nonetheless put seven votes on the docket for the four days that business is in session. Only one of these is a vote to complete a business combination, which is...
Terms Tracker for the Week Ending June 13, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week brought three new SPAC IPOs with pricings from BEST SPAC I Acquisition Corp., Blue Acquisition Corp. and Blue Water Acquisition Corp. III. All...
Starry Sea (NASDAQ:SSEAU) has filed for a $50 million SPAC with leadership that is making its debut as SPAC officers and a broad search mandate. The new SPAC is offering investors one right to a 1/6 share in each unit and a redemption opportunity coming at the end of its 15-month initial transaction deadline if...
At the SPAC of Dawn Israel’s bombing of sites in Iran has brought a new injection of uncertainty to the markets, which appear poised to open in the red. But, this may be a temporary factor after the week has also produced better-than-expected indicators on inflation. One more data point is set to come in...