TG Venture Acquisition Corp.
TGVCU
NASDAQ Global Market10.35
USD
-1.40
- -
CIK
0001865191
ISIN
US87251T2087
CUSIP
87251T208
Return %
Stock
S&P500
1Y
-0.53
18.21
3Y
2.43
63.29
5Y
2.43
74.90
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Pui Lan Tsang
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 1390 Market Street San Francisco CA United States of America 94102
- IPO Date
- Nov 3, 2021
- CIK
- 0001865191
- Similar Companies
- Business
- TG Venture Acquisition Corp. (NASDAQ: TGVC, TGVCU) is a blank check company sponsored by Tsangs Group Holdings Limited that does not have significant operations and focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. The company intends to target technology industries, primarily within space technology, financial technology, technology, media and telecom (TMT), and related sectors in the United States and other developed countries. Its securities include units comprising one share of common stock and one-half of a warrant exercisable at $11.50; it generates no revenues and holds cash primarily in a trust account for potential business combinations. Founded in 2021 and headquartered in San Francisco, California, the company completed its initial public offering in November 2021, raising approximately $115 million in gross proceeds, with funds placed into trust. TG Venture Acquisition Corp. operates in the financial services sector as a special purpose acquisition company (SPAC), serving public market investors seeking exposure to private technology targets with enterprise values generally below $1.25 billion. It has no subsidiaries or operating parent company relationships beyond its sponsor. In December 2022, the company announced a definitive business combination agreement with The Flexi Group Holdings Ltd., one of Asia-Pacific's largest flexible workspace operators with locations across Australia, Singapore, Malaysia, Hong Kong, Thailand, the Philippines, Taiwan, Vietnam, and Japan, implying a pro forma enterprise value of $205 million for the combined entity; the deal included equity consideration of $190 million at $10 per share for Flexi shareholders and up to 2.9 million earnout shares based on post-closing revenues. Shareholder approvals extended the business combination deadline multiple times through March 2024, with trust redemptions leaving approximately $9.6 million at an estimated per-share redemption price rising to $11.20 by early 2024. In February 2024, The Flexi Group terminated the agreement; TG Venture Acquisition subsequently explored legal remedies against Flexi, faced Nasdaq delisting with trading suspension on March 11, 2024, and official removal effective April 19, 2024, and proceeded to liquidation, distributing approximately $11.16 per share to shareholders.