Target Global Acquisition I extends deadline; $178.9M redeemed from trust

Target Global Acquisition I Corp.

Shareholders approved extension of business combination deadline to Sep 13, 2023, with monthly extensions to Mar 2024.
Holders of 16,994,128 shares redeemed at ~$10.53/share, removing ~$178.9M from trust account.
Trust account now holds ~$47.3M; 4,495,530 Class A shares remain outstanding after redemption.
Initial shareholders to convert all 5,372,415 Class B shares into Class A shares on a one-for-one basis.
Articles amended to remove $5,000,001 net tangible assets redemption limitation.

item 1.01 item 5.03 item 5.07 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Target Global Acquisition I Corp.: Provided that Class B ordinary shares may be converted either at the time of the initial business combination or at any earlier date at the option of the holders (effective 2023-06-06).

Change: charter amendment
Effective: 2023-06-06

Exact text from the filing

(iii) to provide that the Class B ordinary shares may be converted either at the time of the consummation of the Company’s initial business combination or at any earlier date at the option of the holders of the Class B ordinary shares (the “Founder Conversion Amendment Proposal”).

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Target Global Acquisition I Corp.: Extended the deadline for the Company to consummate an initial business combination from June 13, 2023 to the Articles Extension Date or the Additional Articles Extension Date (effective 2023-06-06).

Change: charter amendment
Effective: 2023-06-06

Exact text from the filing

On June 6, 2023, the Company filed with the Registrar of Companies of the Cayman Islands an amendment to the Company’s amended and restated memorandum and articles of association (the “Articles”): (i) to extend the date by which the Company has to consummate an initial business combination (the “Extension Amendment”) from June 13, 2023 to the Articles Extension Date or the Additional Articles Extension Date (the “Extension Amendment Proposal”) ;

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Target Global Acquisition I Corp.: Eliminated the limitation that the Company shall not redeem Class A ordinary shares to the extent that such redemption would cause net tangible assets to be less than $5,000,001 (effective 2023-06-06).

Change: charter amendment
Effective: 2023-06-06

Exact text from the filing

(ii) to eliminate from the Articles the limitation that the Company shall not redeem Class A ordinary shares included as part of the units sold in the IPO (including any shares issued in exchange thereof, the “Public Shares”) to the extent that such redemption would cause the Company’s net tangible assets to be less than $5,000,001 (the “Redemption Limitation”), such that the Company may redeem Public Shares irrespective of whether such redemption would exceed the Redemption Limitation (the “Redemption Limitation Amendment Proposal”);

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Target Global Acquisition I Corp. amended Trust Amendment with Continental Stock Transfer & Trust Company (effective 2023-06-02).

Action: amendment
Counterparty: Continental Stock Transfer & Trust Company
Effective: 2023-06-02

Exact text from the filing

On June 2, 2023, shareholders of Target Global Acquisition I Corp. (the “Company”) at an extraordinary general meeting of shareholders to the Company (the “Shareholder Meeting”) approved an amendment (the “Trust Amendment”) of that certain investment management trust agreement, dated December 8, 2021 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as trustee (“Continental”)

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