Form 8-K - Current report
December 28 2023 - 6:04AM
Edgar (US Regulatory)
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0001865191
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2023-12-26
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2023-12-26
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2023-12-26
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2023-12-26
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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): December 26, 2023
TG
Venture Acquisition Corp.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41000 |
|
86-1985947 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
1390
Market Street, Suite 200
San
Francisco, CA 94102
(Address of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (628) 251-1369
Not
Applicable
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbols |
|
Name
of Each Exchange on Which Registered |
Units,
each consisting of one share of Class A Common Stock and one Redeemable Warrant |
|
TGVCU |
|
Nasdaq
Global Market |
Class
A Common Stock, par value $0.0001 per share |
|
TGVC |
|
Nasdaq
Global Market |
Warrants,
each exercisable for one share of Class A Common Stock for $11.50 per share |
|
TGVCW |
|
Nasdaq
Global Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As
previously disclosed, on June 22, 2023, TG Venture Acquisition Corp. (the “Company”) received a letter from
the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing
bid price of the Company’s Class A common stock for the last 30 consecutive business days and its number of publicly held shares,
the Company no longer met Nasdaq Listing Rule 5450(b)(2)(C), which requires listed companies to maintain a minimum market value of
publicly held shares (“MVPHS”) of at least $15 million. The Company had until December 19, 2023
(the “December Compliance Date”) to regain compliance with this requirement.
As
further previously disclosed, on October 9, 2023, the Company received another written notice from Nasdaq indicating that, based on the
number of beneficial holders and holders of record of the Company’s Class A common stock (the “Total Holders”),
the Company no longer met Listing Rule 5450(a)(2), which requires listed companies to maintain a minimum of 400 Total Holders. As permitted,
TGVC timely submitted a plan to regain compliance and requested an extension of time within which to demonstrate compliance. However,
Nasdaq did not accept the compliance plan nor the request for an extension.
On
December 26, 2023, the Company received a delist determination letter from Nasdaq (the “Letter”) advising the
Company that the Staff had determined that the Company did not meet the MVPHS by the December Compliance Date. The Letter further acknowledged
that the Company did not comply with the Total Holders requirement, which serves as an additional and separate basis for delisting.
The Company intends to timely appeal the Staff's
delisting determination by submitting a hearing request to the Nasdaq Hearings Panel (the “Panel”), which request will
automatically stay the delisting of the Company's securities by the Staff at least until the hearing process concludes and any extension
granted by the Panel expires.
At the Panel hearing, the Company intends to present
a plan to regain compliance with the MVPHS and Total Holders requirements. In the interim, the Company’s common stock, units and
warrants will continue to trade on Nasdaq under the symbols "TGVC.U," “TGVC” and "TGVC.W,” respectively,
at least pending the ultimate conclusion of the hearing process.
The Panel may, in its discretion, grant the Company
up to an additional 180-day compliance period to regain compliance and maintain its Nasdaq listing; however, there can be no assurance
that the Panel will grant such additional time, that the Company’s plan will be accepted by the Panel or that, if it is, the Company
will be able to regain compliance with the applicable Nasdaq listing requirements.
SIGNATURE
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
TG Venture Acquisition Corp. |
|
|
By: |
/s/ Patrick Tsang |
|
|
Name: |
Pui Lan Patrick Tsang |
|
|
Title: |
Chief Executive Officer and Director |
|
Dated: December 28, 2023
v3.23.4
Cover
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Dec. 26, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Dec. 26, 2023
|
Entity File Number |
001-41000
|
Entity Registrant Name |
TG
Venture Acquisition Corp.
|
Entity Central Index Key |
0001865191
|
Entity Tax Identification Number |
86-1985947
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
1390
Market Street
|
Entity Address, Address Line Two |
Suite 200
|
Entity Address, City or Town |
San
Francisco
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
94102
|
City Area Code |
(628)
|
Local Phone Number |
251-1369
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
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|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant |
|
Title of 12(b) Security |
Units,
each consisting of one share of Class A Common Stock and one Redeemable Warrant
|
Trading Symbol |
TGVCU
|
Security Exchange Name |
NASDAQ
|
Class A Common Stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Class
A Common Stock, par value $0.0001 per share
|
Trading Symbol |
TGVC
|
Security Exchange Name |
NASDAQ
|
Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share |
|
Title of 12(b) Security |
Warrants,
each exercisable for one share of Class A Common Stock for $11.50 per share
|
Trading Symbol |
TGVCW
|
Security Exchange Name |
NASDAQ
|
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