MENLO
PARK, Calif., March 30,
2023 /PRNewswire/ -- TCV Acquisition Corp. (Nasdaq:
TCVA) (the "Company") announced the following today:
- The Company anticipates it will not consummate an initial
business combination within the time period required by its Amended
and Restated Memorandum and Articles of Association.
- Accordingly, the Company intends to dissolve and liquidate in
accordance with the provisions of its Amended and Restated
Memorandum and Articles of Association.
- As part of that dissolution and liquidation, the Company will
redeem all of the outstanding Class A ordinary shares that were
included in its initial public offering (the "Public Shares") at a
per-share redemption price of approximately $10.24.
"In light of current market conditions and available target
opportunities, we have determined that it was in the best interest
of TCVA shareholders to return the capital held in trust. We
appreciate the TCVA shareholders who have supported us over the
past two years," said Jake Reynolds,
Co-Chief Executive Officer of the Company.
As of the close of business on April 13,
2023, the Public Shares will represent the right to receive
the redemption amount. Upon redemption such Public Shares will be
deemed cancelled.
In order to provide for the disbursement of funds from the trust
account, the Company has instructed the trust account's trustee to
take all necessary actions to liquidate the trust account.
The trust account's proceeds will be held in a non-interest bearing
account while awaiting disbursement to the holders of the Public
Shares.
Record holders may redeem their shares for their pro-rata
portion of the trust account's proceeds by delivering their Public
Shares to Continental Stock Transfer & Trust Company, the
Company's transfer agent. Beneficial owners of Public Shares
held in "street name," however, will not need to take any action to
receive the redemption amount. The redemption of the Public
Shares is expected to be completed on April
14, 2023.
The Company's initial stockholders have waived their redemption
rights with respect to its outstanding ordinary shares issued
before the Company's initial public offering.
The Company expects that Nasdaq will file a Form 25 with the
United States Securities and Exchange Commission (the "SEC") to
delist its securities. The Company thereafter expects to file a
Form 15 with the SEC to terminate the registration of its
securities under the Securities Exchange Act of 1934, as amended
(the "Exchange Act").
About TCV Acquisition Corp.
The Company is a blank check company formed by an affiliate of
TCMI, Inc. ("TCV"). Founded in 1995, TCV provides capital to
growth-stage private and public companies in the technology
industry. Since its inception, TCV has invested over $17 billion in leading technology companies and
has helped guide CEOs through 150 IPOs and strategic acquisitions.
TCV is headquartered in Menlo Park,
California, with offices in New
York and London.
Forward-Looking Statements
This press release may include "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act. All statements other
than statements of historical fact included in this press release
are forward-looking statements. When used in this press release,
words such as "anticipate," "believe," "estimate," "expect,"
"intend" and similar expressions, as they relate to us or our
management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management,
as well as assumptions made by, and information currently available
to, the Company's management. Actual results could differ
materially from those contemplated by the forward-looking
statements as a result of certain factors detailed in the Company's
filings with the SEC. All subsequent written or oral
forward-looking statements attributable to us or persons acting on
our behalf are qualified in their entirety by this paragraph.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth under the heading "Risk Factors" in the Company's annual
report on Form 10-K for the year ended December 31, 2021, and in its subsequent
quarterly reports on Form 10-Q, filed with the SEC. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
Contacts
Kelley Hodge, Chief Marketing
Officer at TCV
Phone: (212) 808-0120
Email: khodge@tcv.com
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SOURCE TCV Acquisition Corp.