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Global Technology Acquisition Corp. I (Nasdaq: GTAC) has announced its liquidation due to its inability to complete an initial business combination within the required timeframe. The company will redeem all outstanding Class A ordinary shares at approximately $11.50 per share. Key dates include:
- October 17, 2024: Expected last day of trading on Nasdaq
- October 18, 2024: Public Shares deemed cancelled and trading suspended
- October 25, 2024: Deadline for completing redemption of Public Shares
The company's warrants will expire worthless, and Class B ordinary shareholders have waived their redemption rights. GTAC anticipates filing for delisting from Nasdaq and terminating registration of its securities with the SEC.
Tyfon Culture Holdings, a prominent offline to online Chinese art marketplace, has released an investor webcast regarding its proposed business combination with Global Technology Acquisition Corp. I (NASDAQ: GTAC).
The transaction is anticipated to close in the second half of 2024.
Details about the webcast can be found on the GTAC and Tyfon websites.
Global Technology Acquisition Corp. I (GTAC) and Tyfon Culture Holdings have filed a registration statement on Form F-4 with the SEC, detailing their planned business combination.
The registration statement includes key information about both companies and the merger, including financial data and risk factors. The combination is expected to close in the second half of 2024, pending regulatory and shareholder approvals. The combined entity will be named Tyfon Culture Inc. and trade on Nasdaq under the symbol TFCI.
Tyfon, a leading contemporary art marketplace in China, will become a public company through a business combination with Global Technology Acquisition Corp. I (NASDAQ: GTAC). The transaction is expected to close in the second half of 2024, subject to regulatory and shareholder approvals. Tyfon's O2O platform combines in-person art experiences with an innovative online marketplace, boasting $906 million in Gross Merchandise Value from 2021-2023 and over 110,000 registered users. The combined company will be named Tyfon Culture and will trade under the ticker 'TFCI'. Financial highlights include a net income of $23 million and an Adjusted EBITDA of $34 million in 2023. The estimated post-transaction enterprise value is $434 million. The Business Combination does not have a minimum cash condition, thanks to Tyfon's strong balance sheet.
ESS Tech, Inc. (NYSE:GWH) has appointed Claudia Gast to its Board of Directors, enhancing its leadership as the company expands operations globally. With over 15 years of experience in finance and mergers and acquisitions, Gast replaces Shirley Speakman, who is stepping down to focus on early-stage investments. Gast's roles include CFO of Global Technology Acquisition Corp. and co-founder of Greentrail Capital. CEO Eric Dresselhuys emphasized Gast's expertise in scaling companies and international growth, pivotal for ESS's mission in sustainable energy solutions.