Vy Global Growth, a blank check company formed by Vy Capital targeting the technology sector, raised $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-fifthof a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.
The company is led by Chairman Alexander Tamas and CEO John Hering, founding partners of Vy Capital. The company intends to partner with a technology business that will benefit from its management team's global expertise, targeting high-quality businesses run by exceptional teams pursuing market-shaping opportunities.
Vy Global Growth plans to list on the NYSE under the symbol VYGG.U. Morgan Stanley and Deutsche Bank acted as joint bookrunners on the deal.
