TG Venture Acquisition over the weekend signed a non-redemption agreement with Bulldog Investors and Phillip Goldstein, whov’e agreed to hold their shares through today’s deadline extension vote.
The SPAC has a merger agreement in place with Flexi Group, a workspace provider, and wants to push the deadline back from May 5 to Nov. 5.
The deal has a pro forma enterprise value of $205 million.
The SPAC’s sponsor will pay $105,000 to the non-redeeming investors. The 8-K filing disclosing the agreement does not state how many shares are involved. As part of the non-redemption agreement, a director of the SPAC agreed to loan the sponsor $105,000.
In connection with the non-redemption agreement, TG Ventures also amended its advisory agreement with ThinkEquity agreed to pay the firm a fee of $50,000. Read more.
