Upon completion of the transaction, estimated in the second calendar quarter of 2021, VGAC will change its New York Stock Exchange (NYSE) ticker symbol, and the combined company's securities will trade under the ticker symbol "ME".

What will happen to VGAC?

Upon the closing, VGAC will change its name to 23andMe Holding Co. ... Trading is expected to begin on Nasdaq on June 17, 2021, under the new ticker symbol "ME" for the New 23andMe Class A common stock and "MEUSW" for the New 23andMe warrants. About 23andMe, Inc.

Is VGAC acquiring 23andMe?

23andMe, Inc. ... and NEW YORK, June 16, 2021 (GLOBE NEWSWIRE) -- 23andMe, Inc., a leading consumer genetics and research company, and VG Acquisition Corp. (NYSE: VGAC), a special purpose acquisition company sponsored by Virgin Group, today announced the completion of their previously announced business combination.

Who did VGAC merge with?

23andMe Inc., the home DNA-testing provider, has some big dates coming up. VG Acquisition Corp (NYSE:VGAC), the special purpose acquisition company that plans to merge with and take the Sunnyvale, California startup public, will hold a special shareholder meeting Thursday to vote on the deal.

What happens to SPAC stock after merger?

What happens to SPAC stock after the merger? After a merger is completed, shares of common stock automatically convert to the new business. Other options investors have are to: Exercise their warrants.

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Can SPACs go below $10?

Now, you can find many SPACs under $10. SPAC shares can fall below their listing price for several reasons. For example, some early investors might need emergency cash and are willing to sell their shares at a loss to attract buyers quickly. ... Buying SPAC stocks under $10 can be a good deal.

When should I sell my SPAC?

A strategy often pursued by hedge funds is to sell the SPAC after the IPO and keep the warrant that could increase in value if the SPAC stock approaches or exceeds the strike price at which the warrant could be exercised for common stock shares of the SPAC.

Who funded 23andMe?

23andMe has raised $869 million in private funding to date and counts Sequoia Capital and Fidelity Management among its backers.

When did VGAC merger?

If the proposals at the Special Meeting are approved, subject to the satisfaction or waiver (as applicable) of other customary closing conditions, the closing of the business combination is currently expected to occur on June 16, 2021. Upon the closing, VGAC will change its name to 23andMe Holding Co.

Will 23andMe go public?

Current shareholders of 23andMe will own 81% of the combined company. The merger with Branson's SPAC allows 23andMe to go public without the uncertainty of holding an initial public offering.

Who owns VG Acquisition Corp?

Genetic Test Company 23andMe Completes Merger with Richard Branson's VG Acquisition Corp., Stock Now Trades on NASDAQ.

Who is the founder of 23andMe married to?

Anne Wojcicki, the CEO of 23andMe, could be worth $1.05 billion when the company goes public. Wojcicki cofounded the genetic testing company in 2006 after a career on Wall Street. Wojcicki is fitness-obsessed and frugal, has three kids, and was married to Google's Sergey Brin.

Is VG an acquisition?

The combined company is called 23andMe Holding Co. ... and will be traded on The Nasdaq Global Select Market (“Nasdaq”) beginning on 17 June 2021 under the new ticker symbol “ME” for its Class A Common shares and “MEUSW” for its public warrants.

Is VG Acquisition Corp a good stock to buy?

Wall Street analysts have given VG Acquisition a "N/A" rating, but there may be better buying opportunities in the stock market.

Is VG a good stock to buy?

The financial health and growth prospects of VG, demonstrate its potential to perform inline with the market. It currently has a Growth Score of A. Recent price changes and earnings estimate revisions indicate this would not be a good stock for momentum investors with a Momentum Score of D.

What is a SPAC stock?

Rather than go public through an initial public offering, more private companies are opting to debut on stock exchanges via an acquisition at the hands of a SPAC, a publicly traded chunk of funds devoted to taking private companies public through mergers.

What is VGAC UT?

VGAC/U:US. 23andMe Holding Co.

Why was 23andMe Banned?

Google-backed 23andme has been ordered to "immediately discontinue" selling its saliva-collection tests after failing to provide information to back its marketing claims. The tests aims to show how personal genetic codes may affect future health. The company said it would address concerns.

What is the future of 23andMe?

23andMe and the Virgin Group's merger is expected to close, opening the firm for trading, in the second quarter of 2021. It's clear that 23andMe isn't making its market debut as a genetics testing company. 23andMe is in the business of drugs and data now.

How far back does 23andMe go?

The 23andMe Ancestry Timeline goes back over 320 years to the year 1700, which represents from 8 to 11 generations. The Recent Ancestor Locations in 23andMe's ethnicity estimates go back 200 years. 23andMe DNA relatives extend to 5th cousins with common ancestors at 6 generations.

Why are SPACs so popular?

The SPAC model has become popular because “in some ways it is fulfilling a need” for both firms going public and investors,” Roussanov continued. ... Firms filing for IPOs are only allowed to report historical financial performance, but with startups “it's all a bet on the future,” Drechsler said.

Do SPACs go up after merger?

SPACs live up to a key perceived benefit: time savings

The perceived time savings compared to a traditional IPO have contributed to the rise of SPACs—for the 72 companies included in this study, a median 4.1 months elapsed between the initial SPAC-company merger announcement and the announcement of its closing.

How do you make money on a SPAC?

Sponsor shares in a SPAC

Sponsors of SPACs make money with the “promote” or 20 percent stake in the founder shares for a $25,000 purchase price. In addition, sponsors usually have the option to purchase founder warrants in the SPAC, which enables them to buy shares of the merged company at a certain price.

Are SPACs low risk?

SPACs are far from a 'no-risk' way to invest in emerging sectors, but here are some red flags to watch out for and things to keep in mind. There is a common misconception among retail investors that SPACs are close to a riskless way to bet on emerging industries.

Should I sell stock before acquisition?

You have your own investment goals and your own view of risk. If you're more risk-averse than the market then you might prefer to sell now rather than wait for the acquisition. If you're more risk-prone than the market then you might prefer a 90% chance of $1 to 90c. That's fine, hold the stock.