(Bloomberg) — Richard Branson is the newest billionaire to affix the blank-check itemizing celebration after he bought his area tourism enterprise to 1.
VG Acquisition Corp. filed Wednesday to lift $400 million in a particular objective acquisition firm, or SPAC. The corporate plans to promote 40 million items at $10 apiece, in accordance with its submitting with the U.S. Securities and Change Fee.
The corporate stated it might have a look at a number of companies to focus on for a merger. The chances may very well be as diversified as journey, monetary companies, music and renewable power. it stated.
Branson, founding father of the VG Acquisition, bought Virgin Galactic Holdings Inc. in October to a blank-check firm began by Chamath Palihapitiya and enterprise capital agency Hedosophia in a deal that set off this yr’s SPAC itemizing spree.
Branson and the administration of VG Acquisition purchased 11.5 million shares or 20% of the shares excellent for $25,000 in a standard payout often called founder shares or promote — a compensation to sponsors for locating a deal.
Funding heavyweights like Invoice Ackman have since arrange their very own SPACs. The $four billion preliminary public providing by Ackman’s SPAC in July is the biggest ever by a blank-check firm.
Buyout agency Apollo World Administration Inc. additionally filed Wednesday to lift $750 million via a blank-check firm, Apollo Strategic Progress Capital.
Credit score Suisse Group AG is main the providing by VG Acquisition. The corporate plans to listing its items, consisting of 1 Class A extraordinary share and one-third of a redeemable warrant, on the New York inventory change beneath the image VGAC.U.
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