NEW YORK, Could 28, 2021 /PRNewswire/ — Virgin Group Acquisition Corp. II (the “Firm”) now declared it acquired a discover on Might 25, 2021 from the New York Inventory Exchange (“NYSE”) indicating that as a end result of the Firm’s failure to timely file its Quarterly Report on Type 10-Q for the period ended March 31, 2021 (the “Quarterly Report”), the Business no for a longer time complies with the continued listing specifications established forth in Part 802.01E of the NYSE Outlined Firm Guide. The discover has no instant influence on the listing of the Firm’s securities, which will continue to trade on the NYSE, topic to the Company’s compliance with other applicable ongoing listing needs.
On April 12, 2021 the Employees of the U.S. Securities and Trade Commission (the “SEC”) unveiled the “Workers Statement on Accounting and Reporting Considerations for Warrants Issued by Unique Objective Acquisition Businesses (“SPACs”)” (the “Employees Statement”). The Team Assertion sets forth the summary of the SEC’s Office of the Main Accountant that specific provisions bundled in the warrant agreements entered into by lots of SPACs, these kinds of as the Organization, need these warrants to be accounted for as liabilities calculated at reasonable value, rather than as equity securities, with improvements in reasonable value throughout every fiscal reporting period of time claimed in earnings. The Company has earlier categorized its private placement warrants and community warrants as fairness.
The Firm’s administration and the Audit Committee of the Firm’s board of directors are working to figure out whether, in mild of the Staff members Statement, it is appropriate to restate the Company’s previously issued audited monetary statements as of March 25, 2021. Presented the scope of the procedure for analyzing the impression of the Employees Statement on the Company’s money statements, the Company was not able to total and file its Quarterly Report on Type 10-Q for the time period finished March 31, 2021 (the “Quarterly Report”) by the necessary due day of Might 17, 2021. On May perhaps 17, 2021, the Corporation submitted a Kind 12b-25 Notification of Late Filing with the SEC relevant to the Quarterly Report. The Company is doing the job diligently to put together and file the Quarterly Report as quickly as fairly practicable.
The recognize advises that underneath the NYSE’s regulations, the Business will have 6 months from the filing because of day to file its Quarterly Report. The Company can regain compliance with the NYSE listing requirements in the course of this 6-thirty day period time period when the Business files its Quarterly Report with the SEC. If the Company fails to file its Quarterly Report in just such six-month period, the NYSE could, in its sole discretion, allow for the Company’s securities to trade for up to an extra six months based on precise situation. The Firm’s securities will continue being outlined on the NYSE beneath the symbols “VGII.U”, “VGII” and “VGII.WS” but will have an “LF” indicator to signify late submitting position. This indicator will be assigned to the Company’s securities right up until the Quarterly Report is submitted.
About Virgin Team Acquisition Corp. II
Virgin Group Acquisition Corp. II was fashioned for the goal of effecting a merger, amalgamation, share trade, asset acquisition, share invest in, reorganization or very similar business combination with just one or additional organizations. The Company intends to emphasis on organizations that function in a person of the Virgin Group’s core sectors: journey & leisure, economical expert services, health & wellness, know-how & world wide web-enabled, tunes & entertainment, media & cell and renewable energy/source effectiveness. The management workforce includes Sir Richard Branson, founder of the Business, a renowned world entrepreneur and founder of the Virgin Group and dependable for the Virgin Group Josh Bayliss, the Company’s Main Government Officer and director, who is the Chief Executive Officer of the Virgin Group and is liable for the Virgin Group’s strategic progress, licensing of the brand globally and administration of direct investments on behalf of the Virgin Team in several organizations all over the globe and Evan Lovell, the Firm’s Main Economic Officer and director, who is a Chief Financial commitment Officer of the Virgin Group and is accountable for taking care of the Virgin Group’s financial investment staff and portfolio in North The usa.
Particular statements made in this launch are forward-on the lookout statements. When applied in this press release, the words and phrases “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “designs,” “intends,” “believes,” “seeks,” “could,” “will,” “ought to,” “upcoming,” “suggest” and variations of these terms or identical expressions (or the adverse versions of these terms or expressions) are supposed to identify ahead-hunting statements.
These ahead-looking statements are not ensures of future functionality, circumstances or benefits, and contain a range of recognized and mysterious threats, uncertainties, assumptions and other crucial variables, several of which are outside the Firm’s handle, that could bring about precise effects or results to vary materially from those talked about in the ahead-wanting statements.
Elements that may well cause actual success to differ materially from latest expectations incorporate, but are not limited to: (i) the incapacity to timely prepare and file the Quarterly Report (ii) the means to pick an appropriate concentrate on enterprise or firms (iii) the capability to comprehensive the first business mix (iv) the inability to keep the listing of the Company’s shares on the NYSE (v) anticipations about the general performance of the potential target small business or organizations (vi) achievements in retaining or recruiting, or changes essential in, the Firm’s officers, important staff members or administrators adhering to the first business combination (vii) alterations in relevant legislation or laws (viii) the Company’s officers and directors allocating their time to other organizations and possibly owning conflicts of desire with the Firm’s organization or in approving the initial business combination and (ix) the means to consummate an preliminary company combination thanks to the uncertainty ensuing from the COVID-19 pandemic. The Enterprise does not undertake any obligation to update or revise any forward-searching statements, regardless of whether as a consequence of new details, foreseeable future activities or or else, besides as demanded by law.
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For inquiries make sure you get in touch with Tamara Bennett at [email protected].
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