23andMe Going Public Via Virgin Group SPAC Merger

Shots:

• 23andMe signs a SPAC merger with VGAC for an enterprise value of ~$3.5B, including $509M in cash in trust account and $250M PIPE of common stock at $10.00/share
• If no public shareholders of VGAC exercise their redemption rights, 23andMe will be capitalized up to $984M in cash to fund operations & support growth initiatives. The transaction is expected to be close in Q2’21
• 23and Me will be the 100% equity holder into the combined company while the new company will trade under the ticker “ME”. Current shareholders of 23andMe will own 81% of the combined company

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