Virgin Group Acquisition II shareholders voted in favor of merging with Grove Collaborative, a sustainable consumer products company.
More than 91% of the votes cast were in favor of the business combination, the SPAC said in a news release.
No word on redemptions, if any, although the SPAC traded well below its trust value up through the redemption deadline and last traded today at $6.23.
As announced in December, the transaction was 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.
The business combination is expected to close tomorrow, subject to the satisfaction of closing conditions. Grove Collaborative Holdings shares and warrants are expected to begin trading on the NYSE under the ticker symbols GROV and GROV WS on June 17. Read more.
