Item 8.01 Other Events.
On April 13, 2021, the Registration Statement on Form S-1 (File No. 333-254008)
(the "Registration Statement") relating to the initial public offering (the
"IPO") of TPG Pace Beneficial II Corp. (the "Company") was declared effective by
the U.S. Securities and Exchange Commission. On April 16, 2021, the Company
consummated the IPO of 40,000,000 Class A ordinary shares of the Company, par
value $0.0001 per share ("Class A Ordinary Shares"). The Class A Ordinary Shares
were sold at a price of $10.00 per share, generating gross proceeds to the
Company of $400,000,000.
Simultaneously with the closing of the IPO, the Company completed the private
sale of 1,000,000 Class A Ordinary Shares (the "Private Placement Shares") at a
purchase price of $10.00 per Private Placement Share, to the Company's sponsor,
TPG Pace Beneficial II Sponsor, Series LLC (the "Sponsor"), generating gross
proceeds to the Company of approximately $10,000,000. The Private Placement
Shares are identical to the Class A Ordinary Shares sold in the IPO, except
that, so long as they are held by the Sponsor or its permitted transferees:
(i) they may not, subject to certain limited exceptions, be transferred,
assigned or sold by the Sponsor until 30 days after the completion of the
Company's initial business combination, and (ii) they are subject to
registration rights.
A total of $400,000,000, comprised of $392,000,000 of the proceeds from the IPO,
including approximately $14,000,000 of the underwriters' deferred discount, and
$8,000,000 of the proceeds of the sale of the Private Placement Shares, were
placed in a U.S.-based trust account at JP Morgan Chase Bank, N.A., maintained
by Continental Stock Transfer & Trust Company, acting as trustee. Except with
respect to interest earned on the funds in the trust account that may be
released to the Company to pay its taxes, if any, the proceeds from the IPO will
not be released from the trust account until the earliest to occur of: (a) the
completion of the Company's initial business combination, (b) the redemption of
any public shares properly tendered in connection with a shareholder vote to
amend the Company's amended and restated memorandum and articles of association
(i) to modify the substance or timing of its obligation to redeem 100% of its
public shares if the Company does not complete its initial business combination
within 24 months from the closing of the IPO or (ii) with respect to any other
provisions relating to shareholders' rights or pre-initial business combination
activity and (c) the redemption of all of the Company's public shares if the
Company has not completed its initial business combination within 24 months from
the closing of the IPO, subject to applicable law.
On April 12, 2021, in connection with the IPO, the Company adopted its Amended
and Restated Memorandum and Articles of Association, effective April 13, 2021,
and, on the dates referred to below, entered into the following agreements
previously filed as exhibits to the Company's Registration Statement:
• An Investment Management Trust Agreement, dated April 16, 2021, between
the Company and Continental Stock Transfer & Trust Company.
• A Registration Rights Agreement, dated April 16, 2021, among the Company,
the Sponsor and certain other security holders named therein.
• An Administrative Services Agreement, dated April 13, 2021, between the
Company and TPG Global, LLC.
• Letter Agreements, dated April 16, 2021, between the Company and each of
its officers and directors, and the Sponsor.
• Indemnity Agreements, dated April 16, 2021, between the Company and each
of its officers and directors.
On April 13, 2021, the Company issued a press release, a copy of which is
attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing the
pricing of the IPO. On April 16, 2021, the Company issued a press release, a
copy of which is attached as Exhibit 99.2 to this Current Report on Form 8-K,
announcing the closing of the IPO.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed with this Form 8-K:
Exhibit
No. Description of Exhibits
3.1 Amended and Restated Memorandum and Articles of Association.
Investment Management Trust Agreement, dated April 16, 2021, between
10.1 the Company and Continental Stock Transfer & Trust Company.
Registration Rights Agreement, dated April 16, 2021, among the
10.2 Company, the Sponsor and certain other security holders named therein.
Administrative Services Agreement, dated April 13, 2021, between the
10.3 Company and TPG Global, LLC.
Form of Letter Agreements, dated April 16, 2021, between the Company
10.4 and each of its officers and directors, and the Sponsor.
Form of Indemnity Agreements, dated April 16, 2021, between the
10.5 Company and each of its officers and directors.
99.1 Press Release, dated April 13, 2021.
99.2 Press Release, dated April 16, 2021.
© Edgar Online, source Glimpses