Tsangs Group Announces TG Venture Acquisition Corp.’s Closure of US$115M Initial Public Offering on NASDAQ
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 11,500,000 units, including 1,500,000 units sold pursuant to the full exercise of the underwriters’ over-allotment option, at $10.00 per unit. Total gross proceeds from the offering were $115,000,000, before deducting underwriting discounts and commissions and other offering expenses.
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. 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.
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.
About Tsangs Group
Tsangs Group is an innovation-focused global family office that bridges East and West. Our mission is to invest in global opportunities that allow us to exert positive influence and drive positive impact in Hong Kong, Asia and beyond.
Headquartered in Hong Kong, Tsangs Group has direct investments across the world, we seek out positive impact investments that reflect our values of innovation, sustainability, and togetherness. Our strategy is opportunistic and both sector and location agnostic.
From fintech to entertainment to space travel, we are always investigating, analysing, and supporting the cutting edge of global innovation and development.