Target Global Acquisition I Corp. to be delisted from Nasdaq

Target (NYSE:TGT) Global Acquisition I Corp. (the "Company"), a special purpose acquisition company with a market capitalization of $81.26 million, has received a notice from Nasdaq's Listing Qualifications Department on Monday, December 10, 2024, indicating that the company's securities will be delisted from The Nasdaq Global Market. According to InvestingPro data, the company currently shows weak financial health with concerning liquidity metrics.

The delisting is scheduled to take effect at the start of business on Tuesday, December 17, 2024, due to non-compliance with the exchange's requirement for completing a business combination within 36 months of the IPO registration statement's effectiveness.

The Company, which is based in the Cayman Islands and operates in the blank check industry under the organization name 05 Real Estate & Construction, plans to transition the trading of its units, Class A ordinary shares, and redeemable warrants to the OTCQX Marketplace, under the symbols "TGAAU," "TGAA," and "TGAAW," respectively. This move follows the Company's application to be quoted on the OTCQX filed on December 3, 2024.

Despite the delisting, the Company continues to pursue a previously announced proposed business combination with Venhub Global, Inc. ("VenHub"), with the intention of listing VenHub's securities on Nasdaq post-transaction.

Financial metrics from InvestingPro show the company currently operates at a loss with a basic EPS of -$0.42 and a concerning current ratio of 0.01, highlighting the importance of this potential combination for the company's future. The Company will file a Form 25 with the U.S. Securities and Exchange Commission to finalize the delisting process.

This news comes as the Company and VenHub work towards a transaction, which will be subject to shareholder approval and regulatory clearances. The Company has advised shareholders to read the proxy statement/prospectus and other relevant documents regarding the proposed transaction, as they contain important information.

This document contains forward-looking statements, including expectations regarding the proposed transaction's benefits and timing, the Company's business strategy, and projected future results. These statements are subject to various risks and uncertainties, and actual results may differ materially.

The information for this article is based on a press release statement and the company's SEC filing.

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