Grove to Trade on the New York Stock
Exchange Under the Symbol “GROV”
Grove Collaborative, Inc. (“Grove” or the “Company” ), a
certified B Corp™ and leading sustainable consumer products
company, and Virgin Group Acquisition Corp. II (“VGII”) (NYSE:
VGII), a publicly traded special purpose acquisition company
sponsored by Virgin Group, today announced the completion of their
previously announced business combination.
The transaction was approved on June 14, 2022 by VGII’s
shareholders. In connection with consummation of the business
combination, VGII changed 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.
The transaction included an $86 million PIPE investment from an
affiliate of the sponsor of VGII and new and existing Grove
investors, including Lone Pine Capital, Sculptor Capital
Management, General Atlantic, and Paul Polman. In addition, to
increase deal certainty and ensure additional funding for the pro
forma company, Grove previously announced a $50 million backstop
subscription agreement with VGII and Corvina Holdings, Limited
(“Corvina”), an affiliate of the sponsor of VGII, pursuant to which
Corvina subscribed for and purchased $27.5 million of common stock
from Grove, which closed on March 31, 2022, and subscribed for and
purchased $16.7 million of common stock of the combined company,
which closed concurrently with the closing of the business
combination.
“Today marks an important milestone, and we are thrilled to
close our Business Combination with VGII and begin our next chapter
as a publicly traded company. I would like to thank our partners at
Virgin, our board of directors, and all of my colleagues at Grove
who have contributed to this achievement. Our path to profitability
is clear and we will continue to advance our mission to transform
consumer products into a positive force for human and environmental
health. We expect the inevitable transition away from single use
plastic will only accelerate as consumers increasingly demand more
sustainable options, and Grove is leading the charge,” stated
Stuart Landesberg, Chief Executive Officer of Grove.
“I’ve long believed in the power to change business for good and
Grove’s core purpose and mission is a fantastic example of that. I
am confident in Grove’s ability to build upon its unique platform
and beloved brand to disrupt and transform the consumer products
industry. Stu and his world class team have an ability to innovate
quickly, tremendous opportunity to scale and they are poised for
long-term profitable growth. I look forward to continuing our
partnership as Grove begins life as a public company” said Sir
Richard Branson, Virgin Group Founder.
Advisors
Morgan Stanley & Co. LLC acted as exclusive financial
advisor to Grove, and Credit Suisse Securities (USA) LLC acted as
financial advisor and capital markets advisor to VGII. Sidley
Austin LLP acted as the legal advisor to Grove, and Davis Polk
& Wardwell LLP acted as the legal advisor to VGII. Credit
Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC served
as co-placement agents to VGII with respect to the portion of the
PIPE financing raised from qualified institutional buyers and
institutional accredited investors. Credit Suisse Securities (USA)
LLC and Morgan Stanley & Co. LLC did not act as agents or
participate in any role with respect to, and did not earn any fees
from, the portion of the PIPE financing raised from individual
investors. Credit Suisse Securities (USA) LLC previously acted as
sole book-running manager for VGII’s IPO.
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.
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.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220616005839/en/
Investor Relations Contact:
Alexis Tessier ir@grove.co Media Relations
Contact: Meika Hollender pr@grove.co
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