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 to Merge with Virgin Group’s VG Acquisition Corp. to Become Publicly-Traded Company Set to Revolutionize Personalized Healthcare and Therapeutic Development through Human Genetics
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.
23andMe in Talks to Go Public Via Branson SPAC
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.
SPAC: Och-Ziff founder’s Ajax I prices $750 million IPO at $10
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.