TGVCU TG Venture Acquisition Corporation

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): November 2, 2023 (November 1, 2023)

 

 TG Venture Acquisition Corp.
(Exact name of registrant as specified in its charter)

  

Delaware		001-41000		86-1985947
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

 

1390 Market Street, Suite 200 

San Francisco, CA 94102
(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (628) 251-1369

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☒	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class		Trading Symbols		Name of Each Exchange on Which Registered
Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant		TGVCU		Nasdaq Global Market
Class A Common Stock, par value $0.0001 per share		TGVC		Nasdaq Global Market
Warrants, each exercisable for one share Class A Common Stock for $11.50 per share		TGVCW		Nasdaq Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 1.01. Entry into a Material Definitive Agreement

 

Amendment No. 3 to the Trust Agreement

 

As disclosed in the Current Report on Form 8-K that TG Venture Acquisition Corp., a Delaware corporation (the “Company”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 5, 2021, the Company previously entered into that certain Investment Management Trust Agreement, dated November 2, 2021, with Continental Stock Transfer & Trust Company (“CST”), as trustee (as previously amended, the “Trust Agreement”). On November 1, 2023, the Company held a special meeting of its stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved a third amendment to the Trust Agreement (the “Third Trust Amendment”) that extends the date by which the Company must liquidate the trust account (the “Trust Account”) established in connection with the Company’s initial public offering (the “IPO”), from November 5, 2023 to May 5, 2024, as described in the Definitive Proxy Statement on Form DEF 14A filed by the Company with the SEC on October 12, 2023 (the “Proxy Statement”). Following such approval by the Company’s stockholders, the Company and CST entered into the Third Trust Amendment on November 1, 2023.

 

The foregoing description of the Third Trust Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Third Trust Amendment, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

 

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

 

At the Special Meeting, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Charter”, and such amendment, the “Charter Amendment”) that extends the date by which the Company must consummate an initial business combination for up to an additional six months from November 5, 2023 until up to May 5, 2024 (the date which is 30 months from the closing date of the IPO), as described in the Proxy Statement. The Charter Amendment was filed with the Delaware Secretary of State and has an effective date of November 1, 2023.

 

The foregoing description of the Charter Amendment is qualified in its entirety by the full text of the Charter Amendment, a copy of which is filed as Exhibit 3.1 hereto and incorporated herein by reference.

 

Item 5.07. Submission of Matters to a Vote of Security Holders

 

As of the close of business on October 10, 2023, the record date for the Special Meeting, there were 4,282,345 shares of the Company’s common stock (“Common Stock”) issued and outstanding, each of which was entitled to one vote with respect to each of the proposals presented at the Special Meeting. A total of 3,657,546 shares of Common Stock, representing approximately 85.4% of the outstanding shares of Common Stock entitled to vote at the Special Meeting, were present in person or by proxy, constituting a quorum. The proposals listed below are described in more detail in the Proxy Statement.

 

The Charter Amendment Proposal

 

The stockholders approved an amendment to the Charter to extend the date by which the Company must consummate a business combination from November 5, 2023 (the “Original Termination Date”) to December 5, 2023 (the “Combination Period”), and to allow the Company, without another stockholder vote, to elect to extend the Combination Period on a monthly basis for up to five times by an additional one month each time after December 5, 2023, by resolution of the Company’s board of directors, if requested by the Company’s sponsor Tsangs Group Holdings Limited, and upon five days’ advance notice prior to the expiration of the applicable Combination Period, until May 5, 2024, or a total of up to six months after the Original Termination Date, unless the closing of a business combination shall have occurred prior thereto, by the votes set forth in the table below:

 

	FOR				AGAINST				ABSTAIN
	3,657,543				3				—

 

 

The Trust Amendment Proposal

 

The stockholders approved an amendment to the Trust Agreement, allowing the Company to extend the date by which the Trust Account is to be liquidated pursuant to the Trust Agreement, from November 5, 2023 to May 5, 2024, unless the closing of a business combination shall have occurred prior thereto, by the votes set forth in the table below:

 

FOR				AGAINST				ABSTAIN
	3,657,543				3				—

 

No other items were presented for stockholder approval at the Special Meeting.

 

Item 7.01. Regulation FD Disclosure.

 

The information set forth below under this Item 7.01 is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

In connection with the Charter Amendment Proposal, holders of 467,026 shares of the Common Stock exercised their right to redeem their shares (and did not withdraw their requests for redemption) for a cash redemption price of approximately $11.04 per share, or an aggregate redemption amount of approximately $5.16 million. Following such redemptions, approximately $9.59 million will remain in the Trust Account and 3,815,319 shares of Common Stock will remain issued and outstanding.

 

On November 2, 2023, the Company issued a press release announcing the results of the Special Meeting. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

 

Item 8.01. Other Events.

 

Amendment No. 4 to the Trust Agreement

 

On November 1, 2023, the Company and CST entered into a fourth amendment to the Trust Agreement (the “Fourth Trust Amendment”) to allow for the funds in the Trust Account to be held in an interest-bearing bank demand deposit account.

 

The foregoing description of the Fourth Trust Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Fourth Trust Amendment, a copy of which is filed herewith as Exhibit 10.2 and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
3.1		Certificate of Amendment to the Amended and Restated Certificate of Incorporation of TG Venture Acquisition Corp., dated as of November 1, 2023.
10.1		Amendment No. 3 to Investment Management Trust Agreement, dated as of November 1, 2023, by and between TG Venture Acquisition Corp. and Continental Stock Transfer & Trust Company.
10.2		Amendment No. 4 to Investment Management Trust Agreement, dated as of November 1, 2023, by and between TG Venture Acquisition Corp. and Continental Stock Transfer & Trust Company.
99.1		Press Release, dated November 2, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

TG Venture Acquisition Corp.
By:	/s/ Pui Lan Patrick Tsang
	Name:	Pui Lan Patrick Tsang
	Title:	Chief Executive Officer and Director

 

Dated: November 2, 2023

 

 

 

 

EXHIBIT 3.1

 

CERTIFICATE OF AMENDMENT  

TO THE

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

OF

TG VENTURE ACQUISITION, CORP.

 

November 1, 2023

 

TG Venture Acquisition Corp., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), DOES HEREBY CERTIFY AS FOLLOWS:

 

1.             The name of the Corporation is “TG Venture Acquisition Corp.”

 

2.             This Certificate of Amendment (this “Amendment”) amends the provisions of the Corporation’s Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on October 29, 2021, as amended by that Certificate of Amendment, dated as of May 4, 2023 (the “Certificate”).

 

3.             The text of Section 9.1(b) of the Certificate is hereby amended and restated in its entirety to read in full as follows:

 

“(b) Immediately after the Offering, a certain amount of the net offering proceeds received by the Corporation in the Offering (including the proceeds of any exercise of the underwriters’ over-allotment option) and certain other amounts specified in the Corporation’s registration statement on Form S-l, as initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 13, 2021, as amended (the “Registration Statement”), shall be deposited in a trust account (the “Trust Account”), established for the benefit of the Public Stockholders (as defined below) pursuant to a trust agreement described in the Registration Statement. Except for the withdrawal of interest to pay taxes (less up to $100,000 interest to pay dissolution expenses), none of the funds held in the Trust Account (including the interest earned on the funds held in the Trust Account) will be released from the Trust Account until the earliest to occur of (i) the completion of the initial Business Combination, (ii) the redemption of 100% of the Offering Shares (as defined below) if the Corporation is unable to complete its initial Business Combination 25 months from the closing of the Offering (or, if the Office of the Delaware Division of Corporations shall not be open for business (including filing of corporate documents)) on such date, the next date upon which the Office of the Delaware Division of Corporations shall be open (the “Deadline Date”), and (iii) the redemption of shares in connection with a vote seeking (a) to modify the substance or timing of the Corporation’s obligation to provide for the redemption of the Offering Shares in connection with an initial Business Combination or amendments to this Amended and Restated Certificate prior thereto or to redeem 100% of such shares if the Corporation has not consummated an initial Business Combination by the Deadline Date or (b) with respect to any other provisions relating to stockholders’ rights or pre-initial Business Combination activity (as described in Section 9.7). Holders of shares of Common Stock included as part of the units sold in the Offering (the “Offering Shares”) (whether such Offering Shares were purchased in the Offering or in the secondary market following the Offering and whether or not such holders are the Sponsor or officers or directors of the Corporation, or affiliates of any of the foregoing) are referred to herein as “Public Stockholders.”

 

Notwithstanding the foregoing or any other provisions of the Certificate, in the event the Corporation has not consummated an initial Business Combination by December 5, 2023, the Corporation may, without further stockholder vote, elect to extend the Deadline Date on a monthly basis for up to five times by an additional one month each time after December 5, 2023, by resolution of the Board, if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Deadline Date, until May 5, 2024, or a total of up to six months after November 5, 2023.”

 

               4.             This Amendment was duly adopted by the Board of Directors of the Corporation and the stockholders of the Corporation in accordance with Sections 228 and 242 of the General Corporation Law of the State of Delaware.

 

               5.              This Amendment shall become effective on the date of filing with the Secretary of State of the State of Delaware.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, TG Venture Acquisition Corp. has caused this Certificate of Amendment to the Amended and Restated Certificate of Incorporation to be duly executed in its name and on its behalf by an authorized officer as of the date first set above.

 

	TG VENTURE ACQUISITION CORP.
	By:	/s/ Pui Lan Patrick Tsang
	Name:	Pui Lan Patrick Tsang
	Title:	Chief Executive Officer

 

[Signature Page to Certificate of Amendment]

 

 

 

 

 

 

EXHIBIT 10.1

 

AMENDMENT NO. 3 

TO

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Amendment No. 3 to Investment Management Trust Agreement (this “Amendment”) is made as of November 1, 2023, by and between TG Venture Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). All capitalized terms used in this Amendment and not defined herein shall have the meanings ascribed to such terms in the Trust Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Company and the Trustee are parties to that certain Investment Management Trust Agreement, effective as of November 2, 2021, as amended by that certain (i) Amendment No. 1 to Investment Management Trust Agreement, effective as of November 2, 2021, and (ii) Amendment No. 2 to Investment Management Trust Agreement, effective as of May 4, 2023 (as so amended, the “Trust Agreement”);

 

WHEREAS, Section 6(d) of the Trust Agreement provides that the Trust Agreement may only be amended with the approval of the holders of 65% or more of the then outstanding shares of Class A common stock and Class B common stock of the Company, voting together as a single class, at the stockholder meeting (the “Stockholders Consent”);

 

WHEREAS, the Company has obtained the Stockholders Consent to approve this Amendment; and

 

WHEREAS, each of the Company and the Trustee desire to amend the Trust Agreement as provided herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

               1.              Amendment to Section 1(i). Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety to read as follows:

 

“(i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the case of a Termination Letter in a form substantially similar to the attached hereto as Exhibit A,

 

 

complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) the date which is the later of (1) 30 months after the closing of the Offering and (2) such later date as may be approved by the Company’s stockholders in accordance with the Company’s Amended and Restated Certificate of Incorporation of the Company if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date; and provided, however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders.”

 

2.             Amendment to Exhibit B. The second paragraph of Exhibit B to the Trust Agreement is hereby amended and restated in its entirety to read as follows:

 

“In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company has selected [ ] (1) as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Public Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company (as amended from time to time). Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.

 

(1)            30 months from the closing of the Offering, or at a later date, if extended.”

 

3.              Miscellaneous Provisions.

 

3.1.          Successors. All the covenants and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the benefit of their permitted respective successors and assigns.

 

 

3.2.          Severability. This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

3.3.          Applicable Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of Delaware.

 

3.4.          Counterparts. This Amendment may be executed in several original or facsimile counterparts, each of which shall constitute an original, and together shall constitute but one instrument.

 

3.5.          Effect of Headings. The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

 

3.6.          Entire Agreement. The Trust Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

 

3.7           Effect of Amendment. Except as provided in this Amendment, the Trust Agreement and all of its terms and conditions shall remain in full force and effect. On and after the date hereof, each reference in the Trust Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import shall mean and be a reference to the Trust Agreement as amended by this Amendment.

 

[Remainder of Page Intentionally Left Blank]

 

 

IN WITNESS WHEREOF, the parties have duly executed this Amendment No. 3 to the Investment Management Trust Agreement as of the date first written above.

 

	CONTINENTAL STOCK TRANSFER & COMPANY, as Trustee
	By:	/s/ Francis Wolf
	Name:	Francis Wolf
	Title:	Vice President

 

	TG VENTURE ACQUISITION CORP.
	By:	/s/ Patrick Tsang
	Name:	Patrick Tsang
	Title:	Chief Executive Officer

 

[Signature Page to Amendment No. 3 to Investment Management Trust Agreement]

 

 

EXHIBIT 10.2

 

AMENDMENT NO. 4 TO

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

THIS AMENDMENT NO. 4 TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Amendment”) is made as of November 1, 2023 by and between TG Venture Acquisition Corp. a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). Capitalized terms contained in this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in the Original Agreement (as defined below).

 

WHEREAS, on November 5, 2021, the Company consummated its initial public offering (the “IPO”) of 11,500,00 units of the Company (the “Units”), each of which is composed of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class A Common Stock”), and one redeemable warrant of the Company (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to purchase one share of Class A Common Stock of the Company;

 

WHEREAS, on November 5, 2021, simultaneously with the consummation of the IPO, the Company completed the private sale of an aggregate of 5,500,000 Warrants (the “Private Placement Warrants”) to Tsangs Group Holdings Limited, each of which is exercisable to purchase one share of Class A Common Stock;

 

WHEREAS, $117,300,000 of the gross proceeds of the IPO and sale of the Private Placement Warrants were delivered to the Trustee to be deposited and held in the segregated Trust Account located in the United States for the benefit of the Company and the holders of shares of Class A Common Stock included in the Units issued in the IPO pursuant to the Investment Management Trust Agreement made effective as of November 2, 2021, by and between the Company and the Trustee (as amended, the “Original Agreement”); and

 

WHEREAS, the parties desire to amend the Original Agreement to allow for the funds in the Trust Account to be held in an interest-bearing bank demand deposit account.

 

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.                 Amendment to Trust Agreement

                

(a)                Section 1(c) of the Original Agreement is hereby amended and restated to read in its entirety as follows: 

 

   

1.            Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(c)         In a timely manner, upon the written instruction of the Company, i) hold funds uninvested, ii) hold funds in an interest-bearing bank demand deposit account, or iii) invest and reinvest the Property in solely United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and while invested or uninvested, the Trustee may earn bank credits or other consideration.

 

2.                  Miscellaneous Provisions.

                 

(a)                Entire Agreement. The Original Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

                

Signatures on following page.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

	CONTINENTAL STOCK TRANSFER AND TRUST COMPANY, as Trustee
	By:	/s/ Francis Wolf
	Name: Francis Wolf
	Title: Vice President

 

	TG Venture Acquisition Corp.
	By:	/s/ Patrick Tsang
	Name: Patrick Tsang
	Title: CEO

 

[Signature Page to Amendment No. 4 to Investment Management Trust Agreement]

 

 

 

 

Exhibit 99.1

 

TG Venture Acquisition Corp. Announces Stockholder Approval of Extension Amendment to the Amended and Restated Certificate of Incorporation and Investment Management Trust Agreement

 

New York, NY, November 2, 2023 – TG Venture Acquisition Corp. (Nasdaq: TGVC) (“TGVC”), a special purpose acquisition company sponsored by Tsangs Group Holdings Limited, today announced that its stockholders approved proposals to amend TGVC’s Amended and Restated Certificate of Incorporation and the Investment Management Trust Agreement dated as of November 2, 2021, by (i) extending the date by which TGVC has to consummate a business combination by up to six (6) months, from November 5, 2023 to up to May 5, 2024, and (ii) extending the date by which TGVC must liquidate the trust account established in connection with TGVC’s initial public offering from November 5, 2023 to May 5, 2024, as described in the Definitive Proxy Statement on Form DEF14A as filed by TGVC with the Securities and Exchange Commission (the “SEC”) on October 12, 2023 (such extension, the “Extension”).

 

In connection with the vote to approve the proposals, the holders of 467,026 shares of TGVC’s common stock, par value $0.0001 per share, properly exercised their right to redeem their shares (and did not withdraw their requests for redemption) for cash at a redemption price of approximately $11.04 per share, for an aggregate redemption amount of approximately $5.16 million. Following such redemptions, approximately $9.59 million will remain in the trust account and 3,815,319 shares of common stock will remain issued and outstanding.

 

About TGVC

 

TGVC is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase reorganization or similar business combination with one or more businesses or entities.

 

Additional Information

 

TGVC has filed a Proxy Statement with SEC on October 12, 2023 (the “Proxy Statement”) in connection with the Special Meeting held on November 1, 2023 (the “Special Meeting”) to consider and vote upon the Charter Amendment Proposal and the Trust Amendment Proposal (each as defined in the Proxy Statement), among other matters, and, beginning on or about October 12, 2023, mailed the Proxy Statement and other relevant documents to its stockholders as of the October 10, 2023 record date for the Special Meeting. TGVC’s stockholders and other interested persons are advised to read the Proxy Statement and any other relevant documents that have been or will be filed with the SEC in connection with TGVC’s solicitation of proxies for the Special Meeting because these documents contain important information about TGVC, the Charter Amendment Proposal and Trust Amendment Proposal and related matters. Stockholders may also obtain a free copy of the Proxy Statement, as well as other relevant documents that have been or will be filed with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: TG Venture Acquisition Corp., 1390 Market Street, Suite 200, San Francisco, CA 94102 or to: Okapi Partners LLC, Attention: Chuck Garske / Christian Jacques, (212) 297-0720, or Info@okapipartners.com.

 

 

Forward-Looking Statements

 

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the estimated per share redemption price and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to TGVC or TGVC’s management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, TGVC’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in TGVC’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to TGVC or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions many of which are beyond the control of TGVC, including those set forth in the “Risk Factors” section of TGVC’s Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and initial public offering prospectus. TGVC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

Contact

 

TG Venture Acquisition Corp.

 

Tsangs Group

Azumi Ashley

Azumi.ashley@tsangsgroup.co

 

Kevin Lip

Kevin.lip@tsangsgroup.co

 

v3.23.3

Cover	Nov. 02, 2023
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 02, 2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-41000
Entity Registrant Name	TG Venture Acquisition Corp.
Entity Central Index Key	0001865191
Entity Tax Identification Number	86-1985947
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1390 Market Street
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94102
City Area Code	(628)
Local Phone Number	251-1369
Written Communications	true
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant
Title of 12(b) Security	Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant
Trading Symbol	TGVCU
Security Exchange Name	NASDAQ
Class A Common Stock, par value $0.0001 per share
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	TGVC
Security Exchange Name	NASDAQ
Warrants, each exercisable for one share Class A Common Stock for $11.50 per share
Title of 12(b) Security	Warrants, each exercisable for one share Class A Common Stock for $11.50 per share
Trading Symbol	TGVCW
Security Exchange Name	NASDAQ

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