Just as Chamath Palihapitiya was the face of the SPAC frenzy that gripped financial markets at the start of the year, he is today the face of the bust.
Over the next two years, $103 billion in SPAC capital will be on the hunt for acquisition targets. The U.S. Securities and Exchange Commission on Wednesday notified investors not to invest in a special-purpose acquisition company, or SPAC, just because a celebrity is involved without naming names.
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.
Billionaire Richard Branson, who is founder of the Virgin Group has joined the “blank-check” frenzy and is looking to raise $400 million to fund a possible takeover.