Vy Global Growth in a press release announced that it will redeem all of its outstanding Class A ordinary shares after failing to complete a merger within deadline. The SPAC raised $500 million in a September 2020 IPO with the stated goal of combining with a company in the technology sector.
The SPAC will cease all operations as of Oct. 6 and begin winding up.
The per-share redemption price will be approximately $10.06. The balance of the trust as of Sept. 26 was approximately $578.5 million, including interest and dividend income. VY’s sponsor, Vy Global Growth Management, owned 20% of shares outstanding following the IPO.
Vy Global expects to retain $100,000 of the interest and dividend income to pay dissolution expenses. Read more.
