TG Venture Acquisition Corp. Announces Stockholder Approval Of Extension Amendment To The Amended And Restated Certificate Of Incorporation And Investment Management Trust Agreement
Portfolio Pulse from Benzinga Newsdesk
TG Venture Acquisition Corp. (NASDAQ:TGVC) announced that its stockholders approved proposals to extend the date by which TGVC has to consummate a business combination by up to six months, from November 5, 2023 to May 5, 2024. Also, the date by which TGVC must liquidate the trust account established in connection with TGVC's initial public offering has been extended to May 5, 2024. In connection with the vote, holders of 467,026 shares of TGVC's common stock exercised their right to redeem their shares for cash at a redemption price of approximately $11.04 per share, totaling about $5.16 million.
November 02, 2023 | 8:57 pm
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TGVC's stockholders approved proposals to extend the business combination and trust account liquidation dates. Shareholders redeemed 467,026 shares for about $5.16 million.
The extension of the business combination and trust account liquidation dates provides TGVC with more time to finalize its plans, which could be seen as a positive by some investors. However, the redemption of shares by some shareholders could indicate a lack of confidence in the company's future prospects, potentially putting downward pressure on the stock price in the short term.
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