Target Global Acquisition I Corp. Announces Extension of Deadline to Complete Initial Business Combination

Rhea-AI Summary

Target Global Acquisition I Corp. (NASDAQ:TGAA) has extended the deadline for completing its initial business combination by one month, from June 8, 2024, to July 8, 2024. This is the second of seven possible one-month extensions under the company's amended Articles of Association. The extension involves a $90,000 deposit into the company's trust account, which will be backed by a non-interest bearing, unsecured convertible promissory note to CIIG Management III The note will be repayable upon the consummation of the initial business combination.

Positive

• Extension of business combination deadline provides more time to finalize a deal.
• Deposit of $90,000 shows financial commitment and preparation for future growth.
• Availability of seven one-month extensions offers flexibility in business planning.

Negative

• Need for a second extension may indicate difficulties in finalizing a business combination.
• Deposit tied to a promissory note adds a future financial obligation.
• No interest on the promissory note could be seen as a missed opportunity for generating returns.

BERLIN, GERMANY / ACCESSWIRE / June 6, 2024 / Target Global Acquisition I Corp. (NASDAQ:TGAA) (the "Company") announced today that its board of directors (the "Board") has decided to extend the date by which the Company must consummate an initial business combination (the "Termination Date") from June 8, 2024, for an additional month, to July 8, 2024 (the "Extension"). This is the second of seven potential one-month extensions of the Termination Date available to the Company pursuant to its Amended and Restated Memorandum and Articles of Association, dated December 8, 2021, as further amended on June 2, 2023 and December 15, 2023. The Company further announced that on or about June 8, 2024 a deposit $90,000 will be made into the Company's trust account in connection with the Extension, which will be evidenced by a non-interest bearing, unsecured convertible promissory note to CIIG Management III LLC and will be repayable by the Company upon consummation of an initial Business Combination.

About Target Global Acquisition I Corp.

Target Global Acquisition I Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. For more information, please visit https://tgacquisition1.com.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target", "may", "intend", "predict", "should", "would", "predict", "potential", "seem", "future", "outlook" or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors that may affect actual results or outcomes are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading "Risk Factors" and other documents the Company has filed, or will file, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

CONTACT: For investor and media inquiries: https://tgacquisition1.com/contact/

SOURCE: Target Global Acquisition I Corp.

View the original press release on accesswire.com

FAQ

What is the new deadline for Target Global Acquisition I Corp.'s business combination?

The new deadline for the business combination is July 8, 2024.

How many extensions can Target Global Acquisition I Corp. (TGAA) utilize?

Target Global Acquisition I Corp. can utilize up to seven one-month extensions.

What is the amount deposited into the trust account for the extension?

A deposit of $90,000 will be made into the company's trust account.

What type of financial instrument backs the $90,000 deposit for TGAA's extension?

The deposit is backed by a non-interest bearing, unsecured convertible promissory note.

When will the promissory note for TGAA's extension deposit be repayable?

The promissory note will be repayable upon the consummation of the initial business combination.