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.
Archimedes Tech SPAC Partners II Co. (NASDAQ:ATIIU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ATIIU”, Tuesday, February 11, 2025. The new SPAC intends to search for a target company in the technology industry, with a particular focus on artificial intelligence,...
Goldman Sachs veteran Peter Ort headlines two new SPACs that filed for IPOs Friday in Real Asset Acquisition Corp. (NASDAQ:RAAQU) and Digital Asset Acquisition Corp. (NASDAQ:DAAQU), which collectively sport some of the most team-friendly terms yet seen in 2025. Both new SPACs have 1/4 warrants in their units and no rights, bringing a level of...
At the SPAC of Dawn The pace of new SPAC filings has not slackened as three new S-1s were filed on either end of Super Bowl weekend seeking a combined $500 million in IPO proceeds. All three are underwritten by Cohen & Company and feature anchor investors as well as promotes upsized to the equivalent...
Terms Tracker for the Week Ending February 7, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw one new SPAC IPO price, bringing the year-to-date total to nine. K&F Growth Acquisition Corp. II successfully debuted and managed to...
Retail enthusiasm has been a lifeblood of many SPAC transactions through to the combined companies’ ongoing lives as public companies, and several have taken to buying up Bitcoin as a way of keeping sometimes fickle retail investors engaged. Enterprise software MicroStrategy (NASDAQ:MSTR) pioneered this tactic before spot Bitcoin ETFs were available to the general public....