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

Rhea-AI Summary

Target Global Acquisition I Corp. (TGAA) has extended the deadline for completing its initial business combination by a month from May 8, 2024, to June 8, 2024, as per the Board's decision. This extension is the first of seven potential one-month extensions allowed under the company's Amended and Restated Memorandum and Articles of Association. The Sponsor will deposit $90,000 into the company's trust account to support this Extension, with repayment contingent upon the finalization of an initial Business Combination.

BERLIN, GERMANY / ACCESSWIRE / May 6, 2024 / Target Global Acquisition I Corp. (NASDAQ:TGAA) (the "Company") announced today that its board of directors (the "Board"), upon request of Target Global Sponsor Ltd (the "Sponsor"), has decided to extend the date by which the Company must consummate an initial business combination (the "Termination Date") from May 8, 2024, for an additional month, to June 8, 2024 (the "Extension").

This is the first 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, as further amended on June 2, 2023 and December 15, 2023. The Company further announced that on May 6, 2024 the Sponsor will deposit $90,000 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 the Sponsor 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, 2022 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.

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. (TGAA) to complete its initial business combination?

The new deadline is June 8, 2024, following an extension granted by the Board.

How many potential one-month extensions does Target Global Acquisition I Corp. (TGAA) have for its initial business combination?

The company has seven potential one-month extensions in total.

How much money will the Sponsor deposit into the company's trust account in connection with the Extension?

The Sponsor will deposit $90,000 into the company's trust account.

What will the deposit from the Sponsor be used for?

The deposit will be used to support the Extension and will be evidenced by a non-interest bearing, unsecured convertible promissory note to the Sponsor.