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Vy Global Growth (NYSE: VYGGU) announced it will redeem all outstanding Class A ordinary shares effective October 6, 2022, as it has not completed a business combination within the required time frame. The per-share redemption price is set at approximately $10.06, based on approximately $578.5 million in the trust account. Operations will cease, and the company plans to liquidate and dissolve after fulfilling creditor obligations. Shareholders will receive the redemption amount upon presenting share certificates. The company's warrants will expire worthless.
Vy Global Growth (NYSE: VYGG) has received a notice from the NYSE regarding non-compliance with Section 802.01E due to the failure to timely file its Quarterly Report on Form 10-Q for Q1 2021. The Company has six months to rectify this issue. Additionally, it is reevaluating the accounting treatment of its Warrants based on new SEC guidance, which requires them to be classified as liabilities measured at fair value. The Company is actively working on completing the overdue Form 10-Q.