NEW YORK, September 26, 2022--(BUSINESS WIRE)--The New York Stock Exchange ("NYSE") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the warrants of TPG Pace Beneficial Finance Corp. (the "Company"), each whole warrant exercisable for one Class A ordinary share — ticker symbol TPGY WS — from the NYSE. Trading in the Company’s warrants will be suspended immediately. Trading in the Company’s Class A ordinary shares — ticker symbol TPGY — and Units — ticker symbol TPGY U — is expected to continue on the NYSE until the close of business on October 7, 2022. The Company announced on September 23, 2022, that it will redeem all of its outstanding Class A ordinary shares issued as part of the units sold in the Company’s initial public offering, effective as of the close of business on October 11, 2022, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association.
NYSE Regulation has determined that the warrants are no longer suitable for listing based on "abnormally low" price levels, pursuant to Section 802.01D of the Listed Company Manual. The Company also disclosed on September 23, 2022, that there will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the warrants upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
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Luke Barrett / Leslie Shribman