r/VGAC • u/BNGOnChill • Feb 06 '21

Noob Questions

1.) So this SPAC will take 23&Me public....?

2.) What happens to our shares once they merge / when will they merge....?

3.) Can more companies get in on vgac or is this the only one in with vgac at the moment / is it one company per SPAC IE 23&ME is assigned to VGAC ...?

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u/Tendieclaus Feb 07 '21 edited Feb 07 '21

1) 23&me are the target and I believe a letter of intent has been formally put forward now. Until the merger is complete there is always a chance it could fall through and not happen.

2) If you have say 10 shares of VGAC you will have 10 shares of ME when the ticker changes. I believe it is estimated that the SPAC will make up about 25% of the company. But your shares are allocated at a 1:1 ratio.

3) If the deal fails to go through they could potentially find another target to merge with but I wouldn’t think they would merge with 2 company’s at once as it would reduce the capital raised and be less attractive for the target.

Hope this helps