Vy Global Growth Announces Receipt of Expected NYSE Notice Regarding Delayed Form 10-Q Filing
June 04 2021 - 9:23AM
Business Wire
Vy Global Growth (NYSE: VYGG, the “Company”) announced today
that it received a notice from the New York Stock Exchange (the
“NYSE”) indicating that the Company is not in compliance with
Section 802.01E of the NYSE Listed Company Manual because the
Company has not timely filed its Quarterly Report on Form 10-Q for
the quarter ended March 31, 2021 (the “Form 10-Q”) with the
Securities and Exchange Commission (the “SEC”). The Notice has no
immediate effect on the listing of the Company’s stock on the NYSE,
and indicated that the Company has six months to file its Form 10-Q
to regain compliance.
As reported by the Company in its Form 12b-25 filed with the SEC
on May 18, 2021, the Company reevaluated the accounting treatment
of its warrants (the “Warrants”) following the issuance by the
Staff of the SEC of the “Staff Statement on Accounting and
Reporting Considerations for Warrants Issued by Special Purpose
Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”), which
provides guidance for all SPACs regarding the accounting and
reporting for their warrants. The Company concluded that, based on
the SEC Staff Statement, the Warrants should be classified as
liabilities measured at fair value, with subsequent changes in fair
value recorded in the Company’s Statement of Operations each
reporting period. The Company continues to work diligently to
complete the Form 10-Q as soon as possible.
About Vy Global Growth
Vy Global Growth is a blank check company organized for the
purpose of effecting a business combination with one or more target
businesses. The Company’s efforts to identify a prospective partner
will not be limited to a particular industry or geographic region,
but the Company plans to identify high-quality businesses run by
exceptional teams pursuing market-shaping opportunities.
Forward Looking Statements
This press release contains statements that constitute
"“forward-looking statements" within the meaning of the federal
securities laws. Forward-looking statements are subject to numerous
risks and conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement and other filings with the
Securities and Exchange Commission and, therefore, actual results
could differ materially from those projected in the forward-looking
statements. Copies are available on the SEC’s website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
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Vy Global Growth John Hering, CEO Floor 4, Willow House, Cricket
Square Grand Cayman, Cayman Islands +971 427 01 400
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