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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.
