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VG Acquisition Corp. (NYSE: VGAC) stock is saoring in premarket, Why is this happening?

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Recent announcements from VG Acquisition Corp. (NYSE: VGAC) showed that its shareholders approved the previously announced merger agreement with 23andMe Inc. When they met in the early hours of 10th June 2021.

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Sponsored by the Virgin Group, VG Acquisition Corp. (NYSE: VGAC) has been formed as a special purpose acquisition company.

There were more than 87% votes in favor of approving the merger agreement at the Special Meeting. The other proposals submitted to the Special Meeting were also approved overwhelmingly by VGAC shareholders.

According to earlier announcements, the transaction with 23andMe is expected to close on June 16, 2021, given that customary closing conditions have been met.  VGAC will change its name to 23andMe Holding Co. and The Nasdaq Global Select Market will list New 23andMe Class A common stock and New 23andMe warrants upon closing. On June 17, 2021, Nasdaq will begin trading the New 23andMe Class A common stock and warrants with the new ticker symbol “ME.”

So, what happened…

At last check in premarket trading, shares of VG Acquisition Corp. (VGAC) were up 0.99% at $11.26. VGAC’s stock closed the last session at $11.15, increasing 9.64% or $0.98. Shares of the company fluctuated between $10.22 and $11.25 throughout the day. For the last six months, the stock has lost a total of -1.24%, and over the last three months, the stock has decreased by -0.89%. The stock has returned -2.45% so far this year.

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