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$TPGY - TPG Pace Beneficial Finance and EVBox Group Mutually Agree to Terminate Business Combination Agreement
It has been almost 1 year after TPGY merger annoucement...ummm...our money..
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SPACs - A Trading Strategy
EV Charging #SPACs update: $SNPR - Volta, $CLII - EVgo, $CHPT - ChargePoint, $TPGY - EVBox (Revenues in €)
SPAC Target / VC Connections - Feedback Requested
EVBox Group Partners With Energy Solutions Provider Aetna Corp. to Expand Electric Vehicle Charging in New England, Mid-Atlantic and Beyond - TPGY TPGY.WS
Mentions
[TPG Pace Beneficial Finance Corp To Liquidate and Redeem All Shares effective as of October 11, 2022](https://www.sec.gov/Archives/edgar/data/1819399/000119312522250168/d390277d8k.htm) \- TPGY TPGY.WS [Letter to stockholders from the Non-Executive Chairman and Director of the Company, dated September 23, 2022](https://www.sec.gov/Archives/edgar/data/1819399/000119312522250168/d390277dex991.htm)
TPGY. It goes up a penny and down a penny the next day. Repeat.
Reading the entire transcript, what Foley is specifically talking about is doing "corporate carve outs", where the SPACs would take public a subsidiary of a public company which isn't a great fit for that corporation, yet also leave the original corporation with significant, perhaps majority, ownership. That is unusual for SPACs. TPG Pace Beneficial Finance TPGY TPGY.WS tried it with Engie subsidiary EVBox, but then Engie never produced the required financials and that deal got cancelled. Here's the full section from the transcript: "[So for our big SPAC and our smaller SPAC](https://www.fool.com/earnings/call-transcripts/2022/02/17/cannae-holdings-inc-cnne-q4-2021-earnings-call-tra/), we're looking at some different corporate carve-out opportunities whereby the corporation or the company we're dealing with, generally speaking, is a public company, so it's not a company that's owned by private equity. What we found with the private equity ownership, when you do a SPAC transaction or invest in that company, you've got a stock overhang that's facing you in the future. And that's what's true with Alight. It's not so much true with System1 because we are partners management, and it's true with Paysafe. **So we've tried to move away from partnering with private equity and in some of our investments that we're looking at but rather look at entities or corporation that may have some stranded or step-child subsidiaries that aren't really appropriate for that particular company, to acquire those businesses either in total or in partnership with the current ownership.** And it's my experience with CEOs, if you're a CEO of a public company, you like your empire, and you really don't like to sell a piece of your empire. But if we can go to some of these corporations, and we have several in mind, and propose to them a carve-out of some of their assets but they retain ownership, maybe even majority control, then the CEO's empire is in place, but we've got an excellent investment opportunity. So that's really kind of our mindset now. And as I said, we still have two SPACs that we'd like to deploy. But we're going to be very careful. The redemptions are high. We're not going to get in the position of doing significant backstops **of these transactions**. We're not going to raise pipes. And if it happens that these SPAC transactions can't come to a good conclusion with a good investment that we're happy with and we believe our shareholder base will be happy with, then we'll give the money back to our investors. We're not afraid to do that. We'd rather not. But if that's the best outcome, that's what we'll do." So Foley is describing a change in investing philosophy for the SPACs; and it may be that he thinks those types of transactions should not require backstops or PIPEs in order to complete the deal. Hard to tell how much emphasis to put on "of ***these transactions***" from the above quote.
TPGY might have been a good EV charging play had the spac deal not gone bad. Europe market.
Tax man profits up about 22% but I have some heavy bags that bring it down to 8% if you hit sell everything button. I don't sell unless some material changes with my investment thesis and I average down instead. TPGY and GNRS were my biggest blow up's this year.
FYI the shot clock for TPGY finding something else hits zero on Oct. 6, 2022.
TPGY could not move forward because Engie refused or was unable to provide the audited financial statements for EVBox which would be required in order to file the S-4 registration statements. Engie was originally supposed tpo provide those by March 2021. That's why, in the [10-Q TPGY filed on November 8](https://www.sec.gov/Archives/edgar/data/0001819399/000156459021055132/tpgyu-10q_20210930.htm), TPGY announced they had released all of the PIPE and Forward Purchase investors from their subscription obligations: ""As of the date of this filing, **EVBox Group has not delivered the 2020 Audit or the Interim Unaudited Financial Statements pursuant to the Business Combination Agreement**. Therefore, Engie Seller’s expense reimbursement obligations in the event the Business Combination Agreement is terminated by any party for any reason, have increased by EUR 3,000,000 to an amount equal to EUR 15,000,000. **Pursuant to the Third Amendment, the Company has offered to terminate the existing Subscription Agreements with all PIPE investors with respect to the Business Combination, certain of which have terminated as of the date of this filing, and the Company has released all investors under the Forward Purchase Agreements from their obligations under such agreements solely with respect to the pending Business Combination**. Management has performed an evaluation of subsequent events through the date of issuance of the financial statements, noting no other subsequent events which require adjustment or disclosure."
If I was on the TPGY board, I'd be [sending Stewie Griffin](https://www.youtube.com/watch?v=Qq21oGMSSCk) to collect the US $17 million dollars that Engie owes TPGY now ... not agreeing to "Maybe we'll talk later". From the [10-Q quarterly report](https://www.sec.gov/Archives/edgar/data/0001819399/000156459021055132/tpgyu-10q_20210930.htm) filed November 8th: "As of the date of this filing, EVBox Group has not delivered the 2020 Audit or the Interim Unaudited Financial Statements pursuant to the Business Combination Agreement. **Therefore, Engie Seller’s expense reimbursement obligations in the event the Business Combination Agreement is terminated by any party for any reason, have increased by EUR 3,000,000 to an amount equal to EUR 15,000,000."** 15 million Euros is roughly equal to $17 million US.
The big thing to note: Almost no SEC filings by TPGY. There was no attempt even of them trying to move forward with the deal. Compare them with PACX for instance who are putting out amended S-4's and 10-Q's to meet every concern the SEC has with them / SPACs.
Oh I haven’t been following TPGY. Didn’t know this was expected
We need to sift through the terms of the breakup: If I remember correctly TPGY was suppose to get a nice sized check if EVBox couldn't provide the audit material. The stock could be worth at least 10.50 on cash alone.
Time to pour one out for TPGY I guess. Over a year since DA, what an absolute dumpster fire
$TPGY TPG Pace Beneficial Finance and EVBox Group Mutually Agree to Terminate Business Combination Agreement
What are your tax loss harvesting mea culpas? I dumped MVST, BODY, TPGY. Oof, what was I thinking with those. PTRA was the other POS I had but got warrant called on those a while back. Still bag holding PSFE, BARK, and AVPT because wash sale and couldn't resist the recent dips within the dips. Cue Elmo coke meme.
MILE NSTB TPGY and THCA would be my picks.
Haven’t checked TPGY warrants in awhile. Under $1.
I'd need to dig up the filing (tomorrow) but I thought the deal was that if Engie\EVBOx bailed , they would need to pay TPGY some amount that would enter the trust bringing NAV up by 40 cents. There's a post about this a month or so back.
EVBox IPO would be huge and will definitely fly high in value. I've been in TPGY for a long time now, but it's important for everyone to know what's going on. \- They announced a year ago they would merge, but ever since it has been nothing but silent. \- EVBox multiple times failed to deliver their financial numbers in the required accounting format. \- If EVBox would break off the merger now, they'd pay $30M in fines (for being late several times with the above mentioned numbers). However, this would be peanuts for them as their valuation is probably very high nowadays. \- Since a year ago, they have grown a lot, it's likely that their valuation now would be MUCH higher than it was a year ago. \- They could have broken off the deal with TPGY a long time already, but they didn't. It is therefore likely that they are negotiating a new deal that factors in the growth that they have achieved in the meantime. \- Again... NO communication from either TPGY or EVBox, we are completely left in the dark. IF a merger happens, it might as well happen end of next year... quite a big opportunity loss if you ask me. \- On the other hand, you have absolutely nothing to lose with this SPAC, at the current price. The downside is just a tiny percentage, the upside is potentially tripling your investment. \- I personally very much like the odds. Even if it's just 10% sure the merger will still happen, it's basically a refundable lottery ticket. Curious to see what other people think about the odds of the merger still going through.
Buying some TPGY commons. I’m 95% sure it’s not happening but 2% downside seems like good r/r
My worry is that it's a semi arb trade at this point. TPGY floor should be $10.40 assuming the EVBox deal falls through. So whoever bought is banking on /maybe/ the deal goes through otherwise...oh well
Light Street Capital sold over 1 million shares of TPGY. Almost a million yesterday so that’s where the volume came out of the blue. Not sure if that really indicates anything besides risk reduction (we already know that it’s in major jeopardy of being called off) as they were the ones making major buys before all of the recent happenings.
shotgun wedding? you want TPGY to go through with the deal? are they trying to revise valuation? and would it be up or down?
https://twitter.com/spacanpanman/status/1466400635083968512?s=21 So, could this be applied to TPGY?
Do we see SVOK and TPGY falling lower now that NAV floor is gone?
TPGY with over 1 million volume today out of the blue.
90% of my portfolio is in TPGY. Probably not smart but at least this market rout hasn't impacted my portfolio yet.
This is annoying. When TPGY was on its way up I made it up to higher then I’ve been in awhile, then the bad news dropped me back down. Made my way back up to near that point again (over by $3k) then sell off to back down.
Anyone have any insight on the TPGY EVBox deal? Is it happening? What are the issues?
Anyone getting back into TPGY here? At this point it’s 90/10 the deal falls apart, but I feel ~ 3% is good risk/reward
Full stats: [https://www.spachero.com/analytics/](https://www.spachero.com/analytics/) Avg time to reach a DA: 225 days Avg time to close: 423 days Definitive Agreements per-month in 2021: Nov 15Oct 12Sep 11Aug 18July 26June 20 May 8April 4 March 4Feb 3Closings per-month in 2021:Nov 7Oct 17Sep 21Aug 32July 31June 30May 8April 7 March 10Feb 11Fastest SPACs to reach a deal:$NSTB - 28 days$DWAC - 47 days$TPGY - 65 days$AURC - 69 days$AUS - 74 daysSlowest #SPACs to close:$LTRY 1248 days$BFI 1010 days$LSEA 933 days$SNAX 904 days$HOFV 889 days
I love the picks and shovels aspect of the EV charging space as it's impossible to determine an accurate valuation of the providers. It's impossible to accurately predict revenue/costs when its entirely dependent on the future energy market. Whereas with Tritium, I believe they stated in the analyst presentation they get up to around 100k per unit sold. However, in my limited research, it's hard to find out Tritium's true competitors. It seems like EV Box (another spac TPGY) is the dominant player in EU and I'm unsure of who it is in the US. I'm assuming it's Tesla and Electrify America? Some of the companies in the chart are only operators and some do a mixture of building and operating. Again, it makes comparisons very difficult. Some obvious positives of Tritium: \-Liquid cooled, which is supposedly 30% cheaper to operate as you have less maintenance of filters and such \-Pure DC power play which provides the fastest charging speeds. Most of chargers nowadays in the US are the slower type and possibly will need to be upgraded. However, as a counterpoint, most of the EV cars currently in the market cannot take advantage of the faster speeds. But they are coming soon..... Some possible negatives: \-From a US perspective, if Tesla continues to build out and open up their chargers for other manufacturers (which Elon claimed is coming), they clearly would be in the lead. The network and charging experience at a Tesla supercharger is way of ahead of the other competitors. Their uptime and reliability also seem to better than Electrify America. \-As a model 3 owner for roughly 3 years, I've used a public charger literally less than 10 times. If youre a homeowner, you don't need public charging unless youre driving hundreds of miles each day or unless you are on a roadtrip. Of course, there are tons of people in apartments or live in areas with no dedicated parking, etc. Those are a few rambling thoughts but I'd appreciate more input. I have a tiny starter position in DCRN but am contemplating adding more.
>TPGY Its a GIG spac. Watch it drop to $5
I actually ended up being slightly above where my account was when TPGY was rising steadily and gave the latest disappointing news. That knocked me “down” about $35k or so that day. Now back up. Don’t jinx it, Mazrim! PPGHW and Pre DA warrants saved the week for me.
Wow, I knew there were problems, but I didnt realize it was likely accounting funny business. You'd think TPGY would have done their due diligence BEFORE the DA, but I guess that might be a byproduct of the SPAC goldrush. Surprised it's still in limbo though, you'd think they would have terminated by now if there was fraud related to 2020A.
I think you have me as someone else, if you mean TPGY, which was my yolo, I got lucky and saw the 10-Q early enough to sell at a profit.
Just realized it’s almost been a full year since the TPGY DA. What a fucking clown show
I think I would agree. I’m a bit surprised that TPGY isn’t bending. At this point it looks like EVBox is playing hardball with valuation. Wonder what they want? Could be wrong but seems like that is the issue at this point.
I think TPGY is more or less done 😞, surprised that the warrants are still holding up well.
I don't get why anyone would touch TPGY over 10. It's the second oldest DA right now (13 months ago!) and it's the only one except for recents DAs that has zero filings not even preliminary. Isn't that extremely suspect? Might be worth a gamble at 10 but above it just seems like throwing away money to me.
SPAQ looking poised to break out above NAV. This is the ultimate meme name for a SPAC, and it's a European charging network... come on TPGY gang, this is your new home.
Holy TPGY warrants. Up over 15%. Brave people
NSTB, TPGY, LCAP, BTNB, VPCB, FTAA all near or over 100 days without filings getting kicked off.
NSTB, TPGY (is hasn't been officially cancelled yet). LCAP (this one is a scam anyway). Maybe BTNB and VPCB? They haven't filed yet and quite a long time has passed but it might be because they aren't US companies and it might take them longer.
TPGY may still go through but the amount of convincing themselves they are doing on ST is crazy. Acting like nothing changed based on that filing.
I missed the news and can't find anything about TPGY. What happened to cause the sell off?
So wtf is going on with TPGY? -7% in a sea of green EV charging stocks. Is this merger so doomed to fail? What gives.
Well fuck me… dumped all my TPGY warrants for a loss after reading that filing, yolo’d into DCRC warrants, 4900 at $4.75 How high do we think DCRC can run?
Isnt TPGY short from here if the deal is off ?
I honestly have no idea who has leverage with the EVBox and TPGY situation. Only the one hand TPGY needs EVBox as they will most likely have to liquidate if BCA falls through (because of age) and on the other hand Engie has now racked up 15 mil EUR in potential fines if BCA is terminated… tough situation to play lol
Given that TPGY updates I'm surprised it not down more.
TPGY warrants not liking that 10Q
The absolute balls to be buying TPGY-WS at 2.89, whoever is doing that is a true mad lad
TPGY I’m almost certain would hit $15 in the current sentiment if they just have some positive news.
We should be getting updates from TPGY soon right. This suspense is killing me.
Lol, I was just kind of thinking that. Why do I feel so subpar? Because others I’m not in are flying and in the back of my mind I almost am thinking this can’t keep up so have to make as much as possible before the rug pull (please good news TPGY).
Now I remember why I dont yolo often, its so boring waiting. At least CCIV had price action to watch, TPGY is so low volume...
In TPGY at 11.15 - small position. Holding through merger. PT is 35.43 Not financial advice.
TPGY dipping so far today. Don’t get the reasoning behind selling here when news is so close unless just taking a minimal gain.
I’m now intrigued. How are my TPGY holders playing this? Strictly commons?
I am extremely bullish on TPGY - but I would not touch warrants. If you want exposures and don't want to put large amount of money on the table I would go with options at this point.
Woke up later today and seeing another place I was going to park profits shooting up (NGCAW). Need news on TPGY or DAs to release some cash.
TPGY premarket price action was on tiny volume if anyone was wondering, almost had a mini stroke
Hnnng, it will be so sexy if they release deal is on. Ratios vs peers mean TPGY deserves to be higher for sure if the accounting is out of the way
Charging plays on fire, SPAC sentiment getting. TPGY, what are you waiting for, huh
Took a smaller gamble on TPGY warrants vs commons. Paying off so far. “It’s not profit til you sell, Mazrim! Remember that!”
TPGY making me age 10 years in 4 months
After my big TPGY yolo resolves itself one way or another I think Im gonna go back to pre-da 7.50c like the good old days and see what happens.
If the deal falls through, NAV should go up by roughly $0.4 owing to the fees EVBox would need to pay TPGY.
Went from actually up a good amount for the day to down from yesterday. All based on TPGY.
No TPGY, I was getting excited wrong way
Any intel on TPGY? Price action the last several days is acting like they may finally close the deal.
T-Anon told me Karl Peterson is going to release the Kraken soon, dont worry fellow TPGY holders, trust the plan
TPGY warrants moving on low volume, but are giving me hope
Doing some digging into the TPGY sec docs, but I am a layman so if someone with more knowledge could step in and help/correct me would be great: It seems like October 22 was a "soft" deadline because it seems like Engie agreed to pay 3 million more euros if the statements were not delivered by then amended the terms of Engie Seller’s expense reimbursement obligations to provide TPGY with the right to be reimbursed by Engie Seller, in the event the BCA is terminated by any party for any reason, in an amount equal to EUR 12 million, which amount shall be increased by **EUR 3** **million if EVBox Group fails to deliver both the 2020 Audit and the** **Interim Unaudited Financial Statements to TPGY on or before October 22,** **2021**" So for one we dont know whether or not this deadline was met or not, which makes part two less easily parseable for outcome, but if they did receive the statements then: provided TPGY the right to terminate the BCA in its sole discretion at any time during the fifteen business day period following the date on which EVBox Group delivers to TPGY the Interim Unaudited Financial Statements" So, if the statements were received then it will be in the next weeks that we hear if the deal is 100% dead or not, but then my question would be if they did receive the statements and the deal is on by what date would that be known? December 31, 2020 seems to be the "hard" deadline, so I guess one way or another news will drop before then.
TPGY 11.44 before selling off a little, nice volume coming in, plz news
TPGY still going up. Largest position I have by far.
I know what you mean by pain. My average on TPGY is around $14 (started buying before they announced the deal was in trouble). Hopefully they confirm the deal and it gets better.
Just saw this about TPGY [https://imgur.com/a/mHvnB2w](https://imgur.com/a/mHvnB2w) So the floor is basically $10.4?
I like TPGY too but using ATH prices is pointless. Look at CHPT. ATH of almost $50 now around $23. I would be happy with TPGY around $15 if they confirm the deal is still on.
35k block buy TPGY at 10.88, maybe I picked an okay day to yolo in
I wasnt buying anything over 10.15 last week, now reloading into TPGY and DCRC, meta is shifting around me too fast
ERES warrants now up 17.5%. Wowzer! TPGY now up 4%.
TPGY release the Kraken! (plz) Commons moving but not warrants today, though risk is pretty hefty in warrants