23andMe Going Public Via Virgin Group SPAC Merger

 23andMe Going Public Via Virgin Group SPAC Merger

23andMe Going Public Via Virgin Group SPAC Merger

Shots:

  • 23andMe signs a SPAC merger with VGAC for an enterprise value of ~$3.5B, including $509M in cash in trust account and $250M PIPE of common stock at $10.00/share
  • If no public shareholders of VGAC exercise their redemption rights, 23andMe will be capitalized up to $984M in cash to fund operations & support growth initiatives. The transaction is expected to be close in Q2’21
  • 23and Me will be the 100% equity holder into the combined company while the new company will trade under the ticker “ME”. Current shareholders of 23andMe will own 81% of the combined company

Click here ­to­ read full press release/ article | Ref: 23andMe | Image: Wikipedia

Tuba Khan

Tuba Khan is Senior Editor at PharmaShots. She is curious, creative, and passionate about recent updates and innovation in the Life sciences industry. She covers Biopharma, MedTech, and Digital health segments. Tuba also has an experience of digital and social media marketing and runs the campaigns independently. She can be contacted on tuba@pharmashots.com

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