Tyfon and Global Technology Acquisition I have recently taken a significant step by filing a registration statement for their proposed merger. The project, which was unveiled just over a week ago, carries a substantial price tag of $434 million in enterprise value post-transaction.
Tyfon is a prominent player in the Chinese art market, employing a unique O2O business model that seamlessly blends traditional in-person art experiences with a revolutionary online marketplace. This approach offers enhanced transaction efficiencies, authentication, traceability, and data repository. According to a Frost & Sullivan report, Tyfon has experienced impressive growth in the contemporary Chinese art market, solidifying its position as the leading painting trading intermediary in China based on transaction value in 2022.
In terms of the platform’s performance, Tyfon has achieved $906 million in gross merchandise value from 2021 through 2023, boasting over 110,000 registered users as of 2023.
Pending approval, the merger is anticipated to be finalized in the latter half of 2024, resulting in the listing of Tyfon Culture on the Nasdaq under the ticker symbol TFCI.
With a pre-money equity value of $428 million for Tyfon, it is projected that 57% of the SPAC’s public shareholders will choose to redeem their shares, alongside an expected $10 million PIPE investment.