TG Venture Acquisition, a blank check company targeting the space technology, fintech, and TMT industries, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50.
The company is led by CEO and Chairman Patrick Tsang, who is currently the Chairman of Tsangs Group Holdings, an innovation-focused family office based in Hong Kong. Tsang is also a director of SPAC Model Performance Acquisition (MPACU), which completed its Nasdaq IPO in April.
TG Venture Acquisition plans to target the space technology, financial technology, and TMT industries and related sectors, focusing on businesses with enterprise values of less than $1.25 billion. Although the sponsor is based in Hong Kong, the SPAC will not target any entity with a headquarters or that conducts a majority of its business in China, including Hong Kong and Macau.
The San Francisco, CA-based company plans to list on the Nasdaq under the symbol TGVCU. ThinkEquity acted as sole bookrunner on the deal.
