Target Global I in an 8-K said its sponsor sold 3,533,191 Class A shares of the SPAC and 17,500 Class B shares to CIIG III. The transfer also resulted in a change in management control.
The board on May 31 appointed Michael Minnick as CEO of the SPAC, effective immediately. Minnick is co-founder and has been a managing partner at CIIG Holdings since 2014 and the managing member of CIIG Management III since its inception. Since January 2023, Minnick has served as CEO and since March 2024, the principal financial and accounting officer of Crown Proptech Acquisitions. Minnick served as co-chief executive officer and a director of CIIG Capital Partners II (now known as Zapp Electric Vehicles) from February 2021 until April 2023 when CIIG completed its initial business combination with Zapp.
The 8-K announcing a change in control does not state whether there would be a changed in acquisition focus. The SPAC originally raised $200 million in December 2021 with a broad focus on technology companies.
Target Global I held about $43.3 million in trust following an extension vote in December. Read more.
