Tyfon Culture Holdings Limited entered into a definitive business combination agreement to acquire Global Technology Acquisition Corp. I (NasdaqCM:GTAC) in reverse merger transaction on May 14, 2024. Pursuant to the terms of the Merger Agreement, the aggregate consideration to be paid to existing Company shareholders in the Merger is the sum of $428.0 million plus 50% of ?Shared Excess Purchaser Transaction Expenses?

(not to exceed $2.0 million). The consideration will be paid entirely in stock, comprised of newly issued ordinary shares of GTAC, at a price of $10.00 per ordinary share. Upon closing of the Business Combination, the combined company will be named Tyfon Culture Inc. and will continue to be listed on the Nasdaq Stock Market under the ticker symbol "TFCI." Upon closing of the Business Combination, the senior leadership of Tyfon will continue to manage the combined company, and two of the seven directors will initially be appointed by GTAC.

The Business Combination has been unanimously approved by the Boards of Directors of both Tyfon and GTAC. The proposed business combination (the "Business Combination") is expected to close in the second half of 2024, subject to customary closing conditions, including regulatory and shareholder approvals. Joshua DuClos of Sidley Austin LLP serving as legal advisor to GTAC, Max Gu; Robert S. Matlin; Jonathan M. Barron of K&L Gates LLP is serving as legal advisor and CMD Global Partners, LLC is serving as financial advisor to Tyfon.