TKB Critical Technologies 1 retains $53M in trust in connection with extension

TKB Critical Technologies 1 announced that it has retained approximately $53 million in its trust account following the redemption deadline for the Class A ordinary shares initially issued in TKB’s IPO in connection with TKB’s extraordinary general meeting seeking shareholder approval of an extension of the time that it has to consummate an initial business combination. The Extension was conditioned on TKB having at least 5.0 million Public Shares outstanding upon consummation of the Extension after taking into account valid redemptions. TKB further announced that such condition has been met. To date, an aggregate of 17,717,515 shares have been validly redeemed. Assuming no additional shares are withdrawn from redemption, upon effectiveness of the Extension, TKB will have 10,932,485 Class A ordinary shares outstanding, of which 5,282,485 are Public Shares and 5,650,000 are held by TKB Sponsor I. The Class A ordinary shares held by the Sponsor are not subject to redemption.