Vy Global Growth was established as a Special Purpose Acquisition Company (SPAC) by Vy Capital, going public in October 2020 after raising $500 million. The blank check firm aimed to identify and merge with a high-quality technology business that would benefit from its management's global expertise. However, after failing to secure a suitable acquisition target within its operational timeframe, Vy Global Growth announced its decision to liquidate its trust and redeem all outstanding shares in September 2022. The company ceased operations, with the liquidation becoming effective in October 2022, returning approximately $10.06 per share to investors.