TG Venture Acquisition in a proxy filing seeks shareholder approval for a merger extension from May 5 to Nov. 5. The SPAC has a merger agreement with Flexi Group, a workspace provider, in a deal with a pro forma enterprise value of $205 million.
The transaction was originally expected to be completed during the second quarter.
Initial stockholders stand to lose $175,000 if the transaction does not close, according to the proxy.
There is no plan in the proxy to sweeten the trust with additional funding — a common incentive to secure shareholder approval of the extension.
TG Venture raised $100 million in a November 2021 ipo.
The Flexi Group has a combined 25 years of experience designing, building and operating flexible workspaces in Asia and Australia. They are one of the region's largest flexible workspace operators with 45 locations in 12 cities and 9 countries including Australia, Singapore, Malaysia, Hong Kong, Thailand, Philippines, Taiwan, Vietnam and japan. Read more.
Source: TG Venture Acquisition Wants 6 More Months to Close 5M Flexi Group Deal