Virgin Group Acquisition II, the second blank check company formed by the Virgin Group, raised $350 million by offering 35 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The SPAC was founded by Sir Richard Branson. It is being led by CEO Josh Bayliss, the CEO of Virgin Group, and CFO Evan Lovell, Virgin Group's CIO. The team's previous SPAC, VG Acquisition Corp (VGAC; +5% from $10 offer price), recently announced plans to acquire D2C genetic testing service 23andMe.
The company plans to focus on targets that operate in one of the Virgin Group's core sectors: travel & leisure, financial services, health & wellness, technology & internet-enabled, music & entertainment, media & mobile and renewable energy/resource efficiency. The SPAC will primarily search for consumer-facing businesses.
Virgin Group Acquisition II plans to list on the NYSE under the symbol VGII.U. Credit Suisse acted as a lead manager on the deal.
