TG Venture Acquisition Corp. Announces Postponement of its Special Meeting to May 4, 2023 Sponsor Offers Cash Incentive to Extend SPAC

NEW YORK, NY / ACCESSWIRE / April 25, 2023 / TG Venture Acquisition Corp. (NASDAQ:TGVC) ("TGVC"), a special purpose acquisition company sponsored by Tsangs Group Holdings Limited, announced today that its special meeting of stockholders ("Special Meeting") will be postponed from its original date of 10:00 a.m. Eastern Time on April 27, 2023 to 10:00 a.m. Eastern Time on May 4, 2023. The Special Meeting can still be accessed virtually by visiting https://www.virtualshareholdermeeting.com/TGVC2023SM1. You will need the 12-digit meeting control number that is printed on your proxy card to enter the Special Meeting. The record date for the Special Meeting remains April 3, 2023.

The estimated redemption price per share is expected to remain approximately $10.37 at the time of the Special Meeting, as originally reported in TGVC's definitive proxy statement (the "Proxy Statement") in connection with the Special Meeting filed with the U.S. Securities and Exchange Commission on April 10, 2023. The closing price of TGVC's common stock on April 24, 2023 was $10.37.

TGVC also announced that if the proposals to amend TGVC's Amended and Restated Certificate of Incorporation ("Charter") and Investment Management Trust Agreement (collectively, the "Extension Proposals") are approved at the Special Meeting, and the extension of TGVC's business combination period (the "Extension") is implemented, TGVC's sponsor or its designees will deposit into TGVC's trust account established in connection with its initial public offering (the "Trust Account") the lesser of (x) $100,000 and (y) $0.04 per share multiplied by the number of shares of TGVC Class A Common Stock originally sold as part of TGVC's initial public offering with the opportunity to redeem outstanding on the such applicable date (a "Contribution", and TGVC's sponsor or its designee making the Contribution, a "Contributor"), on each of May 5, 2023 and on the 5^th day of each subsequent calendar month until (but excluding) November 5, 2023 (each such date, a "Contribution Date"). TGVC has not asked its sponsor to reserve for, nor has TGVC independently verified whether its sponsor will have sufficient funds to satisfy, the Contribution.