Grove to Trade on the New York Stock Trade Under the Symbol “GROV”
SAN FRANCISCO & NEW YORK, June 16, 2022–(BUSINESS WIRE)–Grove Collaborative, Inc. (“Grove” or the “Company” ), a qualified B Corp™ and main sustainable consumer solutions business, and Virgin Group Acquisition Corp. II (“VGII”) (NYSE: VGII), a publicly traded distinctive goal acquisition business sponsored by Virgin Group, now introduced the completion of their previously announced business mixture.
The transaction was accredited on June 14, 2022 by VGII’s shareholders. In relationship with consummation of the business blend, VGII improved its title to “Grove Collaborative Holdings, Inc.” (“New Grove”). New Grove’s shares and warrants are expected to begin investing on the New York Stock Exchange (“NYSE”) beneath the ticker symbols “GROV” and “GROV WS”, respectively on June 17, 2022.
The transaction bundled an $86 million PIPE expense from an affiliate of the sponsor of VGII and new and existing Grove buyers, including Lone Pine Capital, Sculptor Money Management, Standard Atlantic, and Paul Polman. In addition, to maximize offer certainty and ensure extra funding for the pro forma company, Grove beforehand declared a $50 million backstop membership arrangement with VGII and Corvina Holdings, Confined (“Corvina”), an affiliate of the sponsor of VGII, pursuant to which Corvina subscribed for and acquired $27.5 million of common stock from Grove, which closed on March 31, 2022, and subscribed for and procured $16.7 million of frequent stock of the merged company, which shut concurrently with the closing of the business blend.
“Nowadays marks an crucial milestone, and we are thrilled to close our Business Combination with VGII and start out our up coming chapter as a publicly traded enterprise. I would like to thank our companions at Virgin, our board of directors, and all of my colleagues at Grove who have contributed to this achievement. Our path to profitability is distinct and we will keep on to advance our mission to remodel client solutions into a optimistic drive for human and environmental overall health. We anticipate the unavoidable changeover absent from one use plastic will only accelerate as customers progressively demand from customers additional sustainable options, and Grove is top the charge,” said Stuart Landesberg, Chief Govt Officer of Grove.
“I have long considered in the ability to improve business for superior and Grove’s main intent and mission is a amazing example of that. I am self-assured in Grove’s ability to establish upon its exclusive system and beloved brand to disrupt and rework the consumer solutions business. Stu and his planet class crew have an potential to innovate swiftly, incredible chance to scale and they are poised for extensive-expression lucrative growth. I glimpse forward to continuing our partnership as Grove commences life as a community corporation” mentioned Sir Richard Branson, Virgin Group Founder.
Morgan Stanley & Co. LLC acted as unique fiscal advisor to Grove, and Credit rating Suisse Securities (Usa) LLC acted as fiscal advisor and money markets advisor to VGII. Sidley Austin LLP acted as the lawful advisor to Grove, and Davis Polk & Wardwell LLP acted as the legal advisor to VGII. Credit history Suisse Securities (United states) LLC and Morgan Stanley & Co. LLC served as co-placement agents to VGII with respect to the portion of the PIPE funding raised from experienced institutional buyers and institutional accredited investors. Credit score Suisse Securities (United states of america) LLC and Morgan Stanley & Co. LLC did not act as brokers or take part in any role with regard to, and did not receive any fees from, the portion of the PIPE financing elevated from specific investors. Credit Suisse Securities (Usa) LLC formerly acted as sole e book-managing manager for VGII’s IPO.
About Grove Collaborative
Launched in 2016 as a Accredited B Corp, Grove Collaborative is transforming buyer products into a positive pressure for human and environmental good. Driven by the belief that sustainability is the only upcoming, Grove results in and curates in excess of 150 substantial-doing eco-helpful manufacturers of home cleaning, particular care, laundry, thoroughly clean natural beauty, toddler and pet care products and solutions serving tens of millions of homes throughout the U.S. every single year. With a adaptable monthly shipping product and access to educated Grove Guides, Grove can make it straightforward for anyone to construct sustainable routines.
Every merchandise Grove presents — from its flagship manufacturer of sustainably strong house treatment necessities, Grove Co., plastic-no cost, vegan individual care line, Peach Not Plastic, and zero-waste pet care manufacturer, Very good Fur, to its exceptional 3rd-bash models — has been extensively vetted in opposition to rigorous requirements to be uncompromisingly healthier, fantastically successful, ethically developed and cruelty-no cost. Grove Collaborative is a public gain company on a mission to transfer Beyond Plastic™ and in 2021, entered physical retail for the initial time at Concentrate on merchants nationwide, making sustainable residence treatment items even more obtainable. Grove is the initial plastic neutral retailer in the earth and is dedicated to becoming 100% plastic-totally free by 2025. For a lot more info, take a look at www.grove.com.
About Virgin Group Acquisition Corp. II
Virgin Group Acquisition Corp. II was fashioned for the objective of effecting a merger, amalgamation, share exchange, asset acquisition, share obtain, reorganization or similar business mix with a person or far more enterprises. Sir Richard Branson, is the Founder of the Enterprise, Founder of the Virgin Group and a renowned global entrepreneur and the management crew contains Josh Bayliss, the Company’s Main Govt Officer and director, who is the Chief Government Officer of the Virgin Team and is accountable for the Virgin Group’s strategic development, licensing of the model globally and management of direct investments on behalf of the Virgin Team in various organizations close to the world and Evan Lovell, the Company’s Main Economical Officer and director, who is the Chief Expense Officer of the Virgin Team and is liable for controlling the Virgin Group’s expense team and portfolio in North The usa.
Caution Concerning Ahead-Wanting Statements
This press launch contains forward-wanting statements within just the indicating of Portion 27A of the Securities Act of 1933, as amended, and Portion 21E of the Securities Trade Act of 1934, as amended, which include statements relating to our or our management team’s expectations, hopes, beliefs, intentions, strategies, prospects or methods pertaining to the long run, including attainable business combinations, profits advancement and fiscal performance, product or service expansion and products and services. Any statements contained herein that are not statements of historic truth might be considered to be ahead-on the lookout statements. In addition, any statements that refer to projections, forecasts or other characterizations of long run situations or conditions, together with any underlying assumptions, are ahead-on the lookout statements. The terms “anticipate,” “imagine,” “proceed,” “could,” “estimate,” “be expecting,” “intends,” “may well,” “could possibly,” “prepare,” “probable,” “probable,” “predict,” “job,” “really should,” “would” and very similar expressions may well determine forward-hunting statements, but the absence of these text does not imply that a assertion is not ahead-hunting. The ahead-hunting statements contained in this press launch are dependent on our existing expectations and beliefs made by the management of VGII and Grove in light-weight of their respective knowledge and their perception of historical developments, present-day conditions and envisioned upcoming developments and their probable effects on VGII and Grove as nicely as other things they consider are appropriate in the conditions. There can be no assurance that long run developments affecting VGII or Grove will be people that we have predicted. These ahead-searching statements include a range of pitfalls, uncertainties (some of which are further than the command of the functions) or other assumptions that could bring about precise results or effectiveness to be materially distinct from these expressed or implied by these forward-looking statements, which includes that the VGII stockholders will approve the transaction, regulatory approvals, product and assistance acceptance, and that, Grove will have ample capital on the approval of the transaction to operate as expected. Ought to a single or much more of these threats or uncertainties materialize, or must any of our assumptions verify incorrect, real effects may range in content respects from people projected in these ahead-searching statements. Supplemental components that could cause true final results to differ are talked over underneath the heading “Threat Factors” and in other sections of VGII’s filings with the SEC, and in VGII’s latest and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are produced as of the day hereof, primarily based on data out there to VGII and Grove as of the day hereof, and VGII and Grove assume no obligation to update any ahead-on the lookout assertion, no matter if as a end result of new facts, long run gatherings or in any other case, apart from as may well be required less than applicable securities legislation.
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