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Wed, February 8 at 8:00PM ET

VGAC Stock: Everything You Need to Know About Richard Branson, 23andMe and This Week’s SPAC Merger

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.

A photo of Virgin Group founder Sir Richard Branson in Vancouver, Canada.
Source: Sergei Bachlakov / Shutterstock.com

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.

Article printed from InvestorPlace Media, https://investorplace.com/2021/06/vgac-stock-everything-you-need-to-know-about-richard-branson-23andme-and-this-weeks-spac-merger/.

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