NEW YORK, May 28, 2021 /PRNewswire/ — Virgin Group Acquisition Corp. II (the “Enterprise”) now announced it gained a detect on May well 25, 2021 from the New York Inventory Trade (“NYSE”) indicating that as a outcome of the Firm’s failure to timely file its Quarterly Report on Sort 10-Q for the interval finished March 31, 2021 (the “Quarterly Report”), the Organization no more time complies with the ongoing listing specifications set forth in Section 802.01E of the NYSE Detailed Business Guide. The see has no instant impact on the listing of the Company’s securities, which will proceed to trade on the NYSE, issue to the Firm’s compliance with other relevant continued listing demands.
On April 12, 2021 the Employees of the U.S. Securities and Trade Commission (the “SEC”) produced the “Team Assertion on Accounting and Reporting Things to consider for Warrants Issued by Exclusive Reason Acquisition Businesses (“SPACs”)” (the “Employees Statement”). The Staff members Assertion sets forth the conclusion of the SEC’s Office environment of the Main Accountant that certain provisions involved in the warrant agreements entered into by numerous SPACs, these types of as the Firm, call for this sort of warrants to be accounted for as liabilities calculated at honest benefit, fairly than as fairness securities, with variations in good price for the duration of each individual financial reporting period noted in earnings. The Corporation has previously classified its non-public placement warrants and general public warrants as fairness.
The Firm’s administration and the Audit Committee of the Firm’s board of directors are performing to figure out irrespective of whether, in gentle of the Staff Assertion, it is ideal to restate the Firm’s beforehand issued audited fiscal statements as of March 25, 2021. Given the scope of the procedure for evaluating the effect of the Employees Statement on the Firm’s economic statements, the Organization was unable to total and file its Quarterly Report on Kind 10-Q for the period ended March 31, 2021 (the “Quarterly Report”) by the necessary because of day of May perhaps 17, 2021. On May well 17, 2021, the Company filed a Type 12b-25 Notification of Late Submitting with the SEC linked to the Quarterly Report. The Organization is operating diligently to get ready and file the Quarterly Report as soon as reasonably practicable.
The observe advises that under the NYSE’s regulations, the Business will have six months from the filing owing date to file its Quarterly Report. The Organization can regain compliance with the NYSE listing standards throughout this six-month interval when the Firm files its Quarterly Report with the SEC. If the Firm fails to file its Quarterly Report within these kinds of six-month interval, the NYSE may possibly, in its sole discretion, let the Firm’s securities to trade for up to an more 6 months based on unique conditions. The Company’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 filing position. This indicator will be assigned to the Firm’s securities right until the Quarterly Report is filed.
About Virgin Team Acquisition Corp. II
Virgin Team Acquisition Corp. II was fashioned for the goal of effecting a merger, amalgamation, share exchange, asset acquisition, share obtain, reorganization or very similar company blend with one particular or more corporations. The Enterprise intends to aim on firms that work in just one of the Virgin Group’s core sectors: vacation & leisure, fiscal products and services, wellbeing & wellness, technology & world-wide-web-enabled, music & entertainment, media & cell and renewable vitality/resource effectiveness. The management workforce consists of Sir Richard Branson, founder of the Enterprise, a renowned world-wide entrepreneur and founder of the Virgin Team and liable for the Virgin Group Josh Bayliss, the Company’s Chief Govt Officer and director, who is the Chief Government Officer of the Virgin Team and is accountable for the Virgin Group’s strategic growth, licensing of the brand globally and management of direct investments on behalf of the Virgin Group in a variety of corporations close to the environment and Evan Lovell, the Firm’s Chief Financial Officer and director, who is a Chief Expense Officer of the Virgin Group and is dependable for managing the Virgin Group’s investment workforce and portfolio in North The united states.
Certain statements built in this launch are ahead-wanting statements. When applied in this push launch, the words and phrases “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “ideas,” “intends,” “thinks,” “seeks,” “could,” “will,” “really should,” “foreseeable future,” “suggest” and versions of these phrases or similar expressions (or the unfavorable variations of these types of words or expressions) are intended to detect forward-searching statements.
These ahead-on the lookout statements are not assures of long run performance, conditions or results, and involve a quantity of identified and unfamiliar dangers, uncertainties, assumptions and other vital aspects, quite a few of which are outside the Firm’s command, that could induce precise final results or results to vary materially from people discussed in the ahead-searching statements.
Elements that may induce true final results to vary materially from latest expectations involve, but are not restricted to: (i) the inability to well timed prepare and file the Quarterly Report (ii) the capacity to pick out an suitable target business or corporations (iii) the capability to entire the first small business blend (iv) the inability to keep the listing of the Firm’s shares on the NYSE (v) expectations all around the functionality of the prospective focus on small business or firms (vi) success in retaining or recruiting, or modifications essential in, the Firm’s officers, essential employees or directors following the first small business mix (vii) changes in relevant regulations or regulations (viii) the Firm’s officers and administrators allocating their time to other businesses and most likely owning conflicts of desire with the Company’s small business or in approving the initial small business combination and (ix) the skill to consummate an initial business enterprise mix due to the uncertainty ensuing from the COVID-19 pandemic. The Organization does not undertake any obligation to update or revise any forward-wanting statements, whether as a result of new info, future gatherings or otherwise, apart from as demanded by law.
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For inquiries please get hold of Tamara Bennett at [email protected]
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