VYGG - Vy Global Growth Will Redeem Shares

Summary

• VYGG will not consummate a business combination.
• All operations will cease on October 6, 2022.
• Shareholders will receive approximately $10.06 per share.

This article is a follow-up to my article published on June 22, 2022.

After the close of trading today, Vy Global Growth (VYGG) announced that they will not be able to consummate a business combination within the required time period. As a result, the company will cease all operations as of October 6, 2022 and will redeem all publicly traded shares as promptly as possible thereafter.

According to the filing

The per-share redemption price for the public shares will be approximately $10.06 (the “Redemption Amount”). 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

Based upon the current bid for the shares in the after-market, of $10.03, investors who entered into the trade upon my recommendation can unwind the trade for an annualized return of 6.10%. Investors who are willing to wait for the redemption payout have an opportunity to potentially earn an additional 3 cents per share, but due to the uncertainty surrounding the exact timing and payout, it is my opinion that the risk/reward for holding is not worth it.

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