Special Purpose Acquisition Company (SPAC) Global Technology Acquisition Corp. I and Tyfon Culture Holdings Limited (Tyfon Culture Holdings) announced on Wednesday that they have reached a final business merger agreement.
Zhitong Finance App learned that the special purpose acquisition company (SPAC) Global Technology Acquisition Corp. I (GTAC.US) and Tyfon Culture Holdings (Tyfon Culture Holdings) announced on Wednesday that the two sides have reached a final business merger agreement. The proposed business merger is expected to be completed in the second half of 2024, and the merged company will be named Tyfon Culture Inc. (Tyfon Culture Inc.) , and will continue to be listed on the NASDAQ under the stock code “TFCI.”
Thomas D. Hennessy, Chairman and CEO of GTAC, said, “Taifeng Culture's leading position in the field of contemporary art sales in China, its compelling operating base, strong cash position, and successful record give us full confidence in its future prospects as a NASDAQ listed company.”
Through cooperation with GTAC, Taifeng Culture hopes to expand its art market platform internationally with unique advantages and expand its products in product categories and technical services. According to data, Taifeng Culture was founded in 2013. According to the Frost & Sullivan Report, in 2022, Taifeng Culture ranked first among all contemporary Chinese painting trading intermediaries in China, with a market share of 18.3%; ranked first in Chinese painting transaction volume among all Chinese art trading platforms, with a market share of 8.4%.