Vy Global Growth : Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review (Form 8-K)

Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On April 12, 2021, the Securities and Exchange Commission (the 'SEC') released a public statement (the 'Public Statement') informing market participants that warrants issued by special purpose acquisition companies ('SPACs') may require classification as a liability of the entity measured at fair value, with changes in fair value each period reported in earnings. Vy Global Growth (the 'Company') has previously classified its private placement warrants and public warrants (collectively, the 'warrants') as equity. For a full description of the Company's warrants, please refer to the Company's final prospectus filed in connection with its initial public offering ('IPO') on October 6, 2020 ('Final Prospectus').

Management of the Company and the Audit Committee of the Board of Directors of the Company determined that the Company's previous audited balance sheet related to its IPO on October 6, 2020 filed on form 8-K with the SEC on October 13, 2020, its quarterly unaudited financial statements as of and for the period from August 18, 2020 (inception) through September 30, 2020 filed on Form 10-Q with the SEC on November 16, 2020, and its audited financial statements as of and for the period from August 18, 2020 (inception) through December 31, 2020 filed on the Company's Annual Report on Form 10-K (the 'Affected Periods') should no longer be relied upon due to changes required for alignment with the SEC's Public Statement. The SEC's Public Statement discussed 'certain features of warrants issued in SPAC transactions' that 'may be common across many entities.' The Public Statement indicated that when one or more of such features is included in a warrant, the warrant 'should be classified as a liability measured at fair value, with changes in fair value each period reported in earnings.' Following consideration of the guidance in the Public Statement, while the terms and quantum of the warrants as described in the Final Prospectus have not changed, the Company concluded the warrants do not meet the conditions to be classified in equity and instead, the warrants meet the definition of a derivative under ASC 815, under which the Company should record the warrants as liabilities on the Company's balance sheet. The Company has discussed this approach with its independent registered public accounting firm, WithumSmith+Brown, PC, and intends to file an amendment to its Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 31, 2021 (the 'Amended 10-K') reflecting this reclassification of the warrants for the Affected Periods. The Company has worked diligently with an independent valuation expert to finalize the valuation of the warrants and will file the Amended 10-K as soon as practicable. The adjustments to the financial statement items for the Affected Periods will be set forth through expanded disclosure in the financial statements included in the Amended 10-K, including further describing the restatement and its impact on previously reported amounts.