Target Global Acquisition I Corp. Announces Postponement of Extraordinary General Meeting of Shareholders
Target Global Acquisition I Corp. (Nasdaq: TGAA) announced the postponement of its Extraordinary General Meeting of shareholders from June 26, 2024, to July 1, 2024, at 12:00 p.m. Eastern Time. The meeting aims to discuss several key proposals, including the amendment of the company's Memorandum and Articles of Association to extend the deadline for completing a business combination to December 9, 2024. Additionally, they will consider further monthly extensions up to June 9, 2025, if needed, without requiring another shareholder vote.
Other proposals include amending the Investment Management Trust Agreement, re-appointing two directors, and ratifying the selection of Marcum LLP as the independent registered public accounting firm for 2024. The company has also extended the deadline for Class A shareholders to submit redemption requests to 5:00 p.m. ET on June 27, 2024.
- Extension of the deadline for completing a business combination provides the company more time to finalize deals.
- Possibility for monthly extensions up to June 2025, offering flexibility.
- Re-appointment of experienced board members, Lars Hinrichs and Sigal Regev.
- Ratification of Marcum LLP as independent registered public accounting firm ensures continued financial oversight.
- Postponement of the Extraordinary General Meeting may cause uncertainty among shareholders.
- Delays in business combination deadline and extensions could be seen as a lack of progress.
NEW YORK, NY / ACCESSWIRE / June 25, 2024 / Target Global Acquisition I Corp. (the "Company") (Nasdaq:TGAA) announced today its Extraordinary General Meeting of shareholders (the "Extraordinary General Meeting"), which was originally scheduled for June 26, 2024, has been postponed to 12:00 p.m. Eastern Time, on Monday, July 1, 2024 (the "Postponed Extraordinary General Meeting").
The Postponed Extraordinary General Meeting will be held at the offices of Orrick, Herrington & Sutcliffe LLP, located at 51 West 52nd Street, New York, New York 10019. The record date remains the close of business, Eastern Time, on May 22, 2024.
At the Postponed Extraordinary General Meeting, shareholders will be asked to vote on proposals (a) to further amend the Company's Amended and Restated Memorandum and Articles of Association to eliminate the requirement to make monthly cash deposits to the Trust Account in order to extend the date (the "Termination Date") by which the Company has to consummate an initial business combination ("Business Combination") from July 8, 2024 to December 9, 2024 (the "Articles Extension Date") and to allow the Company, without another shareholder vote, to elect to further extend the Termination Date, if the Company has by the Articles Extension Date entered into a letter of intent or definitive binding agreement to consummate a Business Combination, on a monthly basis for up to six times by an additional one month each time after the Articles Extension Date, by resolution of the Company's board of directors, and upon one calendar days' advance notice prior to the applicable Termination Date, until June 9, 2025 (each, an "Additional Articles Extension Date"), unless the closing of a Business Combination shall have occurred prior thereto; (b) to amend that certain Investment Management Trust Agreement, dated December 8, 2021 (as amended on June 6, 2023, November 29, 2023 and December 15, 2023) by and between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as trustee ("Continental"), to change the date on which Continental must commence liquidation of the trust account established in connection with the Company's initial public offering (the "Trust Account") to the earliest of (i) the Company's completion of a Business Combination; (ii) the Articles Extension Date; and (iii) the Additional Articles Extension Date; (c) to re-appoint each of Mr. Lars Hinrichs and Ms. Sigal Regev as Class II directors on the Company's board of directors; and (d) to ratify the selection by the Company's audit committee of Marcum LLP as the Company's independent registered public accounting firm for the Company's fiscal year ending December 31, 2024 (all such proposals, the "Proposals"). The Proposals are described in detail in the definitive proxy statement (the "Proxy Statement") related to the Extraordinary General Meeting filed by the Company with the Securities and Exchange Commission (the "SEC") on June 17, 2024.
As a result of this change, the Company has extended the deadline for holders of its Class A ordinary shares to submit their publicly held shares for redemption to 5:00 p.m. Eastern Time on Thursday, June 27, 2024.
Shareholders may withdraw redemptions with the Company's consent at any time until the votes are taken with respect to the Proposals. Shareholders may request to reverse their redemption by contacting the Company's transfer agent, Continental Stock Transfer & Trust Company, at 1 State Street, 30th Floor, New York, New York 10004, Attn: Francis Wolf or Celeste Gonzalez (e-mails: fwolf@continentalstock.com; cgonzalez@continentalstock.com).
Shareholders who have already voted and do not wish to change their vote do not need to vote again. If you have any questions or need any assistance voting, please contact our proxy solicitor Morrow Sodali LLC by email at TGAA.info@investor.morrowsodali.com or phone at (800) 662-5200.
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.
Additional Information
The Company has filed with the SEC the Proxy Statement in connection with the Extraordinary General Meeting to consider and vote upon the Proposals and, beginning on or about June 17, 2024, mailed the Proxy Statement and other relevant documents to its shareholders as of the May 22, 2024 record date for the Extraordinary General Meeting. The Company's shareholders and other interested persons are advised to read the Proxy Statement and any other relevant documents that have been or will be filed with the SEC in connection with the Company's solicitation of proxies for the Extraordinary General Meeting because these documents contain important information about the Company, the Proposals and related matters. Shareholders may also obtain a free copy of the Proxy Statement, as well as other relevant documents that have been or will be filed with the SEC, without charge, at the SEC's website located at www.sec.gov or by directing a request to: Target Global Acquisition I Corp, PO Box 10176, Governor's Square, 23 Lime Tree Bay Avenue, Grand Cayman, KY1-1002, Cayman Islands, (345) 814-5772.
Participants in the Solicitation
The Company and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the Company's shareholders in respect of the Extraordinary General Meeting, the Proposals and related matters. Information regarding the Company's directors and executive officers is available in the Proxy Statement for the Extraordinary General Meeting. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are contained in the Proxy Statement.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
CONTACT: For investor and media inquiries: https://tgacquisition1.com/contact/
Proxy Solicitor Contact:
Morrow Sodali LLC
(800) 662-5200
Banks and brokers can call collect at (203) 658-9400
TGAA.info@investor.morrowsodali.com
SOURCE: Target Global Acquisition I Corp.
View the original press release on accesswire.com
FAQ
Why was the Extraordinary General Meeting of TGAA postponed?
What are the key proposals for TGAA's postponed meeting?
When is the new deadline for TGAA Class A shareholders to submit redemption requests?
What is the significance of extending TGAA's business combination deadline?
Who can Class A shareholders contact to reverse their redemption requests for TGAA?
