Special Purpose Acquisition Companies (SPACs) are essentially blank check companies with the backing of sophisticated institutional investors. SPACs raise money through an IPO solely to acquire another company.
23andMe, Inc., a leading consumer genetics and research company, and VG Acquisition Corp. (NYSE: VGAC), a special purpose acquisition company sponsored by Virgin Group, announced today that they have entered into a definitive merger agreement.
Consumer DNA-testing company 23andMe Inc. is in talks to go public through a roughly $4 billion deal with VG Acquisition Corp., a special purpose acquisition company founded by billionaire Richard Branson, according to people familiar with the matter.
Ajax I, a blank check company formed by Och-Ziff’s Daniel Och and MSD Capital’s Glenn Fuhrman, raised $750 million by offering 75 million units at $10, as expected. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50.