The Latest SPAC News and Rumors: June 2, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Grove Collaborative announces first quarter 2022 results

Grove Collaborative Announces Fiscal First Quarter 2022 Financial Results and Provides Updated Guidance

Grove Collaborative, Inc., a certified B Corp and leading sustainable consumer products company, today reported financial results for its fiscal first quarter ended March 31, 2022.

Highlights include net revenue of $90.5 million, down 11% year-over-year and gross margin of 47.2%, down 380 basis points year-over-year. Additionally, the company saw a net loss margin of (52.4)%, as compared to (37.1)% in the first quarter of 2021.

Grove and Virgin Group Acquisition Corp. II (NYSE: VGII), a publicly traded SPAC sponsored by Virgin Group, previously announced that they entered into a definitive business combination agreement that will result in Grove becoming a public company.