TPG Pace Beneficial Finance (NYSE:TPGY) announced in an 8-K this afternoon that it intends to liquidate its trust after being unable to complete a business combination.
The SPAC will instead redeem all of its outstanding Class A ordinary shares, effective as of October 11, 2022, and expects the last trading day for its shares to be on October 7.
The balance of TPGY’s trust account stands at $350,552,912, including the $350,000,000 in funds deposited into the account at the time of the IPO and $552,912 in interest and dividend income. Net of taxes and up to $100,000 of dissolution expenses, TPG Pace Beneficial Finance currently expects the per-share redemption price to be approximately $10.01 and will be paid on October 11.
TPG’s liquidation comes several months after it terminated its initial business combination with EVBox Group, a global provider of EV charging technologies, in December 2021. Although the termination of the $1 billion deal was mutual, the business still had to pay a fee of $17,014,631 to TPG as a reimbursement of certain transaction expenses. The reimbursement was made on January 18, 2022, and TPG has used approximately $12.6 million of that payment to fund previously incurred expenses. It expects to continue to draw from that money to pay current payables, accrued expenses, and future expenses in connection to the winding up of the SPAC’s business.
Additionally, in a letter to Shareholders, TPGY also noted how challenging market conditions have become in recent months. Karl Peterson, the Non-Executive Chairman wrote:
“…market conditions continued to deteriorate over the course of 2022 making it increasingly difficult to bridge the demands of sellers and new investors, with the new issue discounts required to successfully list a company continuing to rise. As a result, the high-quality targets we were seeking were increasingly delaying their listing timelines, pursuing alternative capital raising strategies, or both. Against this backdrop, we were unable to find a suitable transaction that was compelling for investors and met our high standards.”
TPG Pace Beneficial, which originally announced its $350 million IPO in October 2020, had 24 months to complete a business combination. The SPAC was led by Non-Executive Chairman Karl Peterson, President Michael MacDougall, CFO Martin Davidson, and Secretary Eduardo Tamraz.


After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...