The Flexi Group

The Flexi Group To Be Listed On Nasdaq

ASIA PACIFICFollowing the merger with 3 coworking space operators to create the biggest coworking space operator in the region, The Flexi Group Holdings has entered into a deal to go public on the Nasdaq stock exchange, according to a press release published on Yahoo! Finance on Monday afternoon (5 December, SGT).

Notably, the flex office space operator announced that it has signed a definitive business combination agreement with TG Venture Acquisition Corporation (TGVC), a special purpose acquisition company (SPAC) sponsored by Tsangs Group that will lead to The Flexi Group going public after the completion of the deal.

The combination values The Flexi Group at an implied pro forma enterprise value of US$205 million. Marshall & Stevens Transaction Advisory Services provided an independent opinion regarding the fairness of the consideration from a financial point of view.

Subject to regulatory approvals and other customary closing conditions, The Flexi Group’s combination with the SPAC is expected to be concluded by Q2 2023. Thereafter, the group’s ordinary shares will be traded on Nasdaq under the ticker symbol FLXG.

The agreement requires the approval by the shareholders of TGVC and The Flexi Group, but it has already been unanimously approved by the Boards of Directors of each entity.

Also, customary closing conditions include that TGVC hold net tangible assets of at least US$5,000,001 immediately prior to closing of the deal, net of redemptions and liabilities including transaction expenses of TGVC.

Via three brands – the Hive, The Cluster, and Common Ground – The Flexi Group currently operates 45 coworking centres in 12 cities and 9 countries in Asia Pacific, namely Japan, Taiwan, Vietnam, Thailand, The Philippines, Hong Kong, Australia, Malaysia, and Singapore.

Following the business combination with TGVC, The Flexi Group intends to embark on consolidations across Asia Pacific into North America, United Arab Emirates (UAE), and Europe.

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