In a recent filing with the U.S. Securities and Exchange Commission, Target Global Acquisition I Corp. (NASDAQ:TGAA), a special purpose acquisition company, announced the postponement of its extraordinary general meeting (EGM) originally scheduled for today, Monday, to Wednesday, July 3, 2024. The meeting is set to take place at Orrick, Herrington & Sutcliffe LLP in New York and will address proposals detailed in the company's definitive proxy statement from June 17, 2024.
In anticipation of the EGM, Target Global Acquisition has extended the deadline for shareholders to exercise their redemption rights to the end of business today. Additionally, the company disclosed its intention to enter into non-redemption agreements with certain shareholders, offering additional shares as an incentive for not redeeming their shares at the EGM.
The board has also waived the company's right to access up to $100,000 of interest from its trust account for dissolution expenses, should proposals 1 and 2 be approved at the EGM. Instead, the sponsor, CIIG Management III LLC, will cover these potential costs.
Furthermore, the company has signed a non-binding letter of intent with an undisclosed robotics company for a business combination transaction, aiming to acquire 100% ownership. The details of the proposed transaction will depend on due diligence outcomes and other considerations.
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