Virgin Group II (NYSE:VGII) announced that its shareholders have voted to approve its combination with sustainable home products-maker Grove in a special meeting held earlier today.
Today’s press release was short on details and did not disclose redemption numbers, but VGII traded below its trust value throughout its redemption deadline June 10, and closed today at $5.96.
The SPAC recently added a $50 million backstop to its combination with Grove Collective and agreed to waive its minimum cash condition in exchange for the new agreements. The new money was in the form of two tranches with Corvina Holdings investing $27.5 million into a PIPE effectively at $10 per share at close. It also further agreed to purchase $22.5 million in shares, but may redeem these proportionate to the amount that the deal’s closing cash exceeds that amount.
The parties expect to close the business combination on June 16, 2022, subject to the satisfaction of customary closing conditions. VGII will change its name to “Grove Collaborative Holdings, Inc.” and its shares and warrants are expected to begin trading on the New York Stock Exchange under the ticker symbols “GROV” and “GROV WS”, respectively on June 17, 2022.
VGII initially announced the $1.5 billion combination with Grove on December 8. San Francisco-based Grove makes sustainable home and beauty products sold primarily though its native ecommerce platform.
More than 91% of the votes cast at today’s special meeting were in favor of the business combination. VGII shareholders also voted overwhelmingly to approve all other proposals presented on the ballot.
ADVISORS
- Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Grove
- Credit Suisse Securities (USA) LLC is acting as financial advisor and capital markets advisor to VGII.
- Sidley Austin LLP is acting as the legal advisor to Grove
- Davis Polk & Wardwell LLP is acting as the legal advisor to VGII.
- Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are serving as co-placement agents to VGII with respect to the portion of the PIPE financing raised from qualified institutional buyers and institutional accredited investors.
- Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are not acting as agents or participating in any role with respect to, and will not earn any fees from, the portion of the PIPE financing raised from individual investors.
- Credit Suisse Securities (USA) LLC previously acted as sole book-running manager for VGII’s IPO.
Terms Tracker for the Week Ending December 1, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. For the most part, this was a quiet week for filings being that it followed the Thanksgiving holiday. Ideally, bankers, lawyers and teams got a...
Aimei Health Technology Co., Ltd (NASDAQ: AFJKU) announced the pricing of its $60 million IPO this evening. Its units are expected to begin trading on the Nasdaq under the symbol “AFJKU” on Monday, December 4, 2023. After the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to...
PROOF Acquisition Corp I (NYSE: PACI) announced this afternoon that it has closed its business combination with private aviation company Volato after shareholders approved the deal at a meeting on November 28. In total, including previous shareholder votes, shareholders opted to redeem an aggregate of 99.93% of PACI’s trust, leaving it with less than $215,000...
Adit EdTech (NYSE: ADEX) announced this morning that its shareholders have approved its business combination with bitcoin self-mining company Griid Infrastructure at a special meeting held yesterday, November 30. A total of 8,520,710 shares of common stock, representing approximately 95.7% of the outstanding shares entitled to vote, were present at the meeting, constituting a quorum...
At the SPAC of Dawn There had been hopes that this week would take one world conflict off the board, but combat has resumed in the Middle East as other eyes are likely to be fixed on new Fed comments today. The fighting in Gaza continues to not appear to have appreciable affects on the...