Virgin Group Acquisition Corp. II’s Shareholders Approve Business Combination with Grove Collaborative
14 Juin 2022 - 11:16PM
Business Wire
Virgin Group Acquisition Corp. II (“VGII”) (NYSE: VGII), a
publicly traded special purpose acquisition company sponsored by
Virgin Group, today announced that its shareholders voted to
approve the previously announced business combination with Grove
Collaborative, Inc. at VGII’s extraordinary general meeting of
shareholders (the "Special Meeting") held earlier today.
More than 91% of the votes cast at the Special Meeting were in
favor of the approval of the business combination. VGII
shareholders also voted overwhelmingly to approve the other
proposals presented at the Special Meeting.
The business combination is expected to close on June 16, 2022,
subject to the satisfaction of customary closing conditions. In
connection with the consummation of the business combination, VGII
will change its name to “Grove Collaborative Holdings, Inc.” (“New
Grove”). New Grove’s shares and warrants are expected to begin
trading on the New York Stock Exchange (”NYSE”) under the ticker
symbols "GROV" and "GROV WS", respectively on June 17, 2022.
About Virgin Group Acquisition Corp.
II
Virgin Group Acquisition Corp. II was formed for the purpose of
effecting a merger, amalgamation, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses. Sir Richard Branson, is
the Founder of the Company, Founder of the Virgin Group and a
renowned global entrepreneur and the management team includes Josh
Bayliss, the Company's Chief Executive Officer and director, who is
the Chief Executive Officer of the Virgin Group and is responsible
for the Virgin Group's strategic development, licensing of the
brand globally and management of direct investments on behalf of
the Virgin Group in various companies around the world; and Evan
Lovell, the Company's Chief Financial Officer and director, who is
the Chief Investment Officer of the Virgin Group and is responsible
for managing the Virgin Group's investment team and portfolio in
North America.
About Grove
Collaborative
Launched in 2016 as a Certified B Corp, Grove Collaborative is
transforming consumer products into a positive force for human and
environmental good. Driven by the belief that sustainability is the
only future, Grove creates and curates over 150 high-performing
eco-friendly brands of household cleaning, personal care, laundry,
clean beauty, baby and pet care products serving millions of
households across the U.S. each year. With a flexible monthly
delivery model and access to knowledgeable Grove Guides, Grove
makes it easy for everyone to build sustainable routines.
Every product Grove offers — from its flagship brand of
sustainably powerful home care essentials, Grove Co., plastic-free,
vegan personal care line, Peach Not Plastic, and zero-waste pet
care brand, Good Fur, to its exceptional third-party brands — has
been thoroughly vetted against strict standards to be
uncompromisingly healthy, beautifully effective, ethically produced
and cruelty-free. Grove Collaborative is a public benefit
corporation on a mission to move Beyond Plastic™ and in 2021,
entered physical retail for the first time at Target stores
nationwide, making sustainable home care products even more
accessible. Grove is the first plastic neutral retailer in the
world and is committed to being 100% plastic-free by 2025. For more
information, visit www.grove.com.
Caution Concerning Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding our or our management
team's expectations, hopes, beliefs, intentions, plans, prospects
or strategies regarding the future, including possible business
combinations, revenue growth and financial performance, product
expansion and services. Any statements contained herein that are
not statements of historical fact may be deemed to be
forward-looking statements. In addition, any statements that refer
to projections, forecasts or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intends," "may,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on our current
expectations and beliefs made by the management of VGII and Grove
in light of their respective experience and their perception of
historical trends, current conditions and expected future
developments and their potential effects on VGII and Grove as well
as other factors they believe are appropriate in the circumstances.
There can be no assurance that future developments affecting VGII
or Grove will be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the parties) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, including that the VGII stockholders
will approve the transaction, regulatory approvals, product and
service acceptance, and that, Grove will have sufficient capital
upon the approval of the transaction to operate as anticipated.
Should one or more of these risks or uncertainties materialize, or
should any of our assumptions prove incorrect, actual results may
vary in material respects from those projected in these
forward-looking statements. Additional factors that could cause
actual results to differ are discussed under the heading "Risk
Factors" and in other sections of VGII's filings with the SEC, and
in VGII's current and periodic reports filed or furnished from time
to time with the SEC. All forward-looking statements in this press
release are made as of the date hereof, based on information
available to VGII and Grove as of the date hereof, and VGII and
Grove assume no obligation to update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220614006025/en/
Investor Relations: Alexis
Tessier ir@grove.co
Media Relations: Meika
Hollender pr@grove.co
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