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AGBA Acquisition Limited (AGBA) Shareholders Approve TAG Deal
by Marlena Haddad on 2022-11-10 at 11:42am

AGBA Acquisition Limited (NASDAQ:AGBA) announced this morning that its shareholders have approved its combination with the five subsidiaries of financial holding company TAG.

The SPAC disclosed that a total of 3,339,229 shares were tendered for redemption in connection the special meeting of shareholders. But, holders of AGBA’s ordinary shares still have time to withdraw redemptions until noon on November 11. As of now, the final redemption price is $11.617 per share redeemed.

The current trust value post-completion vote is estimated at $265,737 after 99.5% of the trust was redeemed, which includes redemptions from previous extension votes.

Just a few weeks ago, AGBA amended its deal to waive the minimum cash closing condition of $35 million as well as the requirement for a PIPE. AGBA initially brought about $46 million in cash from its current trust into the deal without a PIPE.

With an IPO date of May 14, 2019, AGBA was the oldest currently active SPAC, have IPO’d nearly 42 months prior. The SPAC did not provide a timeline for the closing of its transaction with TAG, but it is expected to close shortly and trade on the Nasdaq under the symbol “AGBA”.

AGBA announced its $555 million combination with TAG in November 2021. The divisions in question are TAG International, a B2B services company, and its own subdivisions TAG Asset Partners, OnePlatform International, OnePlatform Holdings, and TAG Asia Capital Holdings. These companies, some of which operate in Hong Kong, but are based in the British Virgin Islands, are to be restructured by the transaction into separate B2B and fintech branches.


  • Loeb & Loeb LLP is acting as legal advisor to AGBA
  • Dechert LLP is acting as legal advisor to TAG and its subsidiaries.
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