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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): October 11, 2023 (October 9, 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.
On
October 9, 2023, TG Venture Acquisition Corp. (“TGVC”) received a written notice (the “Notice”) from the Listing
Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that, based on the number of beneficial holders
and holders of record of TGVC’s Class A common stock (the “Total Holders”), TGVC no longer meets Listing Rule 5450(a)(2),
which requires listed companies to maintain a minimum of 400 Total Holders. Nasdaq Listing Rule 5810(c)(2)(C) provides TGVC with a period
of 45 calendar days, or until November 24, 2023 (the “Compliance Date”), to submit a plan to regain compliance. Pursuant to
Nasdaq Listing Rule 5810(c)(2)(B)(i), if Nasdaq accepts TGVC’s compliance plan, then Nasdaq may grant an extension of up to 180
calendar days from the date of the Notice for compliance with the Total Holders requirement. If Nasdaq does not accept TGVC’s
compliance plan, then TGVC will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel.
The Notice
has no immediate effect on the listing of TGVC’s securities on Nasdaq. TGVC intends to submit its compliance plan by the Compliance
Date, and to actively monitor its Total Holders between now and the Compliance Date and may, if appropriate, evaluate appropriate options,
including applying for a transfer to The Nasdaq Capital Market to resolve the deficiency and regain compliance with the requirements.
While TGVC is exercising diligent efforts to maintain the listing of its securities on Nasdaq, there can be no assurance that it will
be able to regain or maintain compliance with Nasdaq’s listing standards by the Compliance Date.
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: October 11, 2023
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TG
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Entity Central Index Key |
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|
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