{"id":688923,"date":"2022-09-26T16:23:04","date_gmt":"2022-09-26T20:23:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/vy-global-growth-will-redeem-public-shares\/"},"modified":"2022-09-26T16:23:04","modified_gmt":"2022-09-26T20:23:04","slug":"vy-global-growth-will-redeem-public-shares","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/vy-global-growth-will-redeem-public-shares\/","title":{"rendered":"Vy Global Growth Will Redeem Public Shares"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nVy Global Growth Will Redeem Public Shares\n<\/p>\n<p>GRAND CAYMAN, Cayman Island&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nVy Global Growth (the \u201cCompany\u201d) (NYSE: VYGG.U, VYGG, VYGG.W), a special purpose acquisition company, today announced that it will redeem all of its outstanding Class A ordinary shares, par value $0.0001 (the \u201cPublic Shares\u201d), effective as of the close of business on October 6, 2022, as the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the \u201cArticles\u201d).\n<\/p>\n<p>\nThe Company has shared a Letter to Investors with details on this decision that can be found at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fvygg.com%2F%23docs&amp;esheet=52926684&amp;newsitemid=20220926005791&amp;lan=en-US&amp;anchor=https%3A%2F%2Fvygg.com%2F%23docs&amp;index=1&amp;md5=1f9bae0c228f1a63d65cb2ad85f3d05b\">https:\/\/vygg.com\/#docs<\/a>.\n<\/p>\n<p>\nAs such, in accordance with the Company\u2019s Articles, the Company will:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\ncease all operations as of October 6, 2022, except those required to wind up the Company\u2019s business;\n<\/li>\n<li>\nas promptly as reasonably possible, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Company\u2019s trust account (the \u201cTrust Account\u201d), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Company\u2019s income taxes, if any (less $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding Public Shares, which redemption will completely extinguish public shareholders\u2019 rights as shareholders of the Company (including the right to receive further liquidation distributions, if any); and\n<\/li>\n<li>\nas promptly as reasonably possible following such redemption, subject to the approval of the Company\u2019s remaining shareholders and the Company\u2019s board of directors, liquidate and dissolve, subject to the Company\u2019s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.\n<\/li>\n<\/ul>\n<p>\nThe per-share redemption price for the public shares will be approximately $10.06 (the \u201cRedemption Amount\u201d). The balance of the Trust Account as of September 26, 2022 was approximately $578,512,536.17, which includes approximately $3,512,536.17 in interest and dividend income (excess of cash over $575,000,000, the funds deposited into the Trust Account). In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest and dividend income from the Trust Account to pay dissolution expenses.\n<\/p>\n<p>\nAs of the close of business on October 6, 2022, the Public Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.\n<\/p>\n<p>\nThe Redemption Amount will be payable to the holders of the Public Shares upon presentation of their respective stock or unit certificates or other delivery of their shares or units to the Company\u2019s transfer agent, Continental Stock Transfer &amp; Trust Company. Beneficial owners of public shares held in \u201cstreet name,\u201d however, will not need to take any action in order to receive the Redemption Amount.\n<\/p>\n<p>\nThere will be no redemption rights or liquidating distributions with respect to the Company\u2019s warrants, which will expire worthless.\n<\/p>\n<p>\nThe Company\u2019s sponsor has waived its redemption rights with respect to the outstanding Class B ordinary shares held by the sponsor.\n<\/p>\n<p>\nThe Company expects that New York Stock Exchange will file a Form 25 with the U.S. Securities and Exchange Commission (the \u201cCommission\u201d) to delist its securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.\n<\/p>\n<p>\nForward-Looking Statements\n<\/p>\n<p>\nThis press release includes \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are based on current information and expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company\u2019s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the \u201cRisk Factors\u201d in the Company\u2019s registration statement on Form S-1 (Registration No. 333-248814), as amended, initially filed with the Commission on September 15, 2020, relating to its initial public offering, annual, quarterly reports and subsequent reports filed with the Commission, as amended from time to time. Copies of such filings are available on the Commission\u2019s website, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=52926684&amp;newsitemid=20220926005791&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=2&amp;md5=0e828d2221be3e7f6b7ffe7aded5e79e\">www.sec.gov<\/a>. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20220926005791r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20220926005791\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20220926005791\/en\/<\/a><\/span><\/p>\n<p>\nVy Global Growth<br \/>\n<br \/>Floor 4, Willow House, Cricket Square<br \/>\n<br \/>Grand Cayman, Cayman Islands<br \/>\n<br \/>+971 427 01 400\n<\/p>\n<p><b>KEYWORDS:<\/b> Cayman Islands Caribbean<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Vy Global Growth Will Redeem Public Shares GRAND CAYMAN, Cayman Island&#8211;(BUSINESS WIRE)&#8211; Vy Global Growth (the \u201cCompany\u201d) (NYSE: VYGG.U, VYGG, VYGG.W), a special purpose acquisition company, today announced that it will redeem all of its outstanding Class A ordinary shares, par value $0.0001 (the \u201cPublic Shares\u201d), effective as of the close of business on October 6, 2022, as the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the \u201cArticles\u201d). The Company has shared a Letter to Investors with details on this decision that can be found at https:\/\/vygg.com\/#docs. As such, in accordance with the Company\u2019s Articles, the Company will: cease all operations as of October &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vy-global-growth-will-redeem-public-shares\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Vy Global Growth Will Redeem Public Shares&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-688923","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vy Global Growth Will Redeem Public Shares - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vy-global-growth-will-redeem-public-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vy Global Growth Will Redeem Public Shares - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Vy Global Growth Will Redeem Public Shares GRAND CAYMAN, Cayman Island&#8211;(BUSINESS WIRE)&#8211; Vy Global Growth (the \u201cCompany\u201d) (NYSE: VYGG.U, VYGG, VYGG.W), a special purpose acquisition company, today announced that it will redeem all of its outstanding Class A ordinary shares, par value $0.0001 (the \u201cPublic Shares\u201d), effective as of the close of business on October 6, 2022, as the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the \u201cArticles\u201d). The Company has shared a Letter to Investors with details on this decision that can be found at https:\/\/vygg.com\/#docs. 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The Company has shared a Letter to Investors with details on this decision that can be found at https:\/\/vygg.com\/#docs. 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