VG Acquisition Corp. (VGAC) Shareholders Approve 23andMe Deal

VG Acquisition Corp.  (NYSE:VGAC) announced in a press release that its shareholders approved its combination with genetic researcher 23andMe at a special meeting held earlier today.

The SPAC did not disclose redemption figures, but noted that more than 87% of the votes cast were in favor of the approval of the merger agreement.  Shareholders also voted overwhelmingly to approve the other proposals presented at the meeting.

VG opened at $10.01 on the day of its redemption deadline June 8, just under its estimated $10.02 pro rata trust value, but its shares have traded above trust value ever since. Rumors of a good vote appear to have already rippled out in the market as the stock rose 8.12% to $10.99 on the day.

The transaction is now expected to close on June 16 with the combined entity’s shares and warrants commencing trading on the Nasdaq under the symbols “ME” and “MEUSW” on June 17, respectively.

VG and 23AndMe initially announced the $3.46 billion deal on February 4. 23andMe provides consumers information about their ancestry and gene-based health factors through DNA tests and has leveraged its platform for broader genetic research.

VG’s shareholder approval marks the tenth successful SPAC vote since June 1st.

ADVISORS

• Citi is serving as lead financial advisor, capital markets advisor and placement agent to 23andMe
• Morgan, Lewis & Bockius LLP is serving as legal counsel to 23andMe
• Credit Suisse acted as lead financial advisor, capital markets advisor and placement agent to VG Acquisition Corp
• LionTree Advisors acted as financial advisor and Davis Polk & Wardwell LLP is serving as legal counsel to VG Acquisition Corp