Tsangs Group is pleased to announce that our San Francisco-based project company, TG Venture Acquisition Corp. (“TG Venture”), a special purpose acquisition company (“SPAC”), has closed its initial public offering of 10,000,000 units. The offering was priced at US$10.00 per unit, resulting in gross proceeds of US$100,000,000 on 2 November 2021.
The Company’s units began trading on The Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “TGVCU” on 3 November 2021. Each unit consists of one share of common stock and one redeemable warrant, each warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share and was underwritten by Think Equity. Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on the Nasdaq under the symbols “TGVC” and “TGVCW,” respectively. The offering is expected to close on 5 November 2021, subject to customary closing conditions.
Tsangs Group Holdings Limited is the sponsor group who created TG Venture. TG Venture is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses. The Company intends to initially focus our search on identifying a prospective target business in the technology industries in the United States and other developed countries, with a special focus within the space technology, fintech, technology, media and telecom (“TMT”) industries and related sectors. TG Venture is led by our Chairman Patrick Tsang, along with CFO Philip Rettger and directors Michael Alexander, Komal Ahmed and Jason Cheng Yuen Ma.
“Tsang Group has a vision to create value with a positive impact and a positive influence to make the world a better place. We are excited to find acquisition candidates for TG Venture that fit the vision and create shareholder value,” stated Patrick Tsang, Chairman of Tsangs Group.
Advisors to TG Ventures included TriPoint Capital Management, LLC and HFI Limited, who served as advisors to Tsang Group. Hunter Taubman Fisher & Li, LLC served as legal counsel to TG Venture and Loeb and Loeb served as legal counsel to Think Equity.
