TG Venture Acquisition announced that today’s shareholder meeting to vote on a proposed merger with Flexi Group has been postponed until March 1. As with the previous postponement earlier this month, no reason was given for the delay.
The estimated redemption price per share is now expected to be approximately $11. 20 at the time of the meeting, an increase from the $11.12 originally reported in the proxy and 3 cents a share more than announced in early February.
At deal announcement in December 2022, Flexi Group had a pro forma enterprise value of $205 million. The target is a workspace provider.
Redemptions following two favorable extension votes last year left approximately $9.66 million in the SPAC’s trust.
Terms call for all outstanding shares of Flexi to be cancelled in exchange for the right to receive a number of the merged company’s shares calculated as 74.7584 shares, each outstanding TG Venturer unit, comprised of one share and a warrant to purchase a share at $11.50. Warrants will be automatically detached. Additionally, Class B shares will automatically convert into Class A shares, which will be cancelled in exchange for the right to receive a share in the merged company.
Post-closing, Flexi shareholders will have the right to receive up to an additional 2.9 million shares based on the company achieving certain revenue thresholds during the two-year period following the closing. Read more.
