Virgin Group Acquisition II scheduled a June 14 meeting for shareholders to vote on its proposed merger with Grove Collaborative, a sustainable consumer products company.
Shareholders of record as of the close of business April 25 are entitled to vote. If approved, upon closing Grove Collaborative Holdings shares and warrants will list on the NYSE under the symbols GROV and GROV WS.
The combined company would have a pro forma enterprise value of $1.5 billion.
The transaction is expected to deliver up to $435 million in net proceeds, including an $87 million fully committed PIPE from an affiliate of the SPAC’s sponsor and new and existing Grove investors, including Lone Pine Capital, Sculptor Capital Management, General Atlantic and Paul Polman, as well as $348 million in proceeds from VGII’s trust account (less expenses and any redemptions).
The SPAC in April added a $50 million backstop to the deal. Read more.
