Virgin Group Acquisition Corp. II (VGII) Backstopped by Grove Collaborative
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Grove Collaborative Announces Principals Agree to Backstop SPAC Business Combination With Virgin Group Acquisition Corp. II
April 4, 2022 8:05 AM EDTNew $50 million backstop designed to provide additional liquidity for the pro forma company to pursue growth
$27.5 million investment in Grove at signing
$22.5 million backstop commitment to help offset the impact of potential shareholder redemptions
SAN FRANCISCO--(BUSINESS WIRE)-- Grove Collaborative, Inc. (Grove or the Company), a certified B Corp and leading sustainable consumer products company, today announced a new redemption backstop subscription agreement related to its previously announced proposed business combination agreement (the Agreement and Plan of Merger) with Virgin Group Acquisition Corp. II (VGII) (NYSE:... More
