Special purpose acquisition companies (SPACs) have been the talk of Wall Street for more than a year now. And although 2020 was deemed the “year of the SPAC,” 2021 also has welcomed a few of their own. That said, business mogul Richard Branson and 23andMe are getting in on the action.
What do these two have going on, and why should investors care?
Let’s dive in and take a closer look at the latest SPAC move featuring Richard Branson and 23andMe.
- Branson’s Virgin Acquisition Group (NYSE:VGAC) announced on June 10 that its shareholders voted to approve a previously announced merger agreement with 23andMe.
- Additionally, according to the release, more than “87% of the votes cast at the Special Meeting were in favor of the approval of the merger agreement.”
- In turn, the agreement allows 23andMe to hit Wall Street.
- Shares will begin trading on June 17 via the Nasdaq exchange under the “ME” stock ticker.
- The agreement initially occurred back in February with a value of around $3.5 billion.
- In that release, Branson and 23andMe said their hope is to “revolutionize personalized healthcare and therapeutic development through human genetics.”
Shares of VGAC stock rose nearly 10% the day of the announcement but are down about 4.7% as of Tuesday afternoon.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.
