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TPG PACE BENEFICIAL II CORP.

(YTPG)
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TPG PACE BENEFICIAL II CORP. : Other Events, Financial Statements and Exhibits (form 8-K)

04/16/2021 | 04:52pm EDT
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

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Managers and Directors
NameTitle
Michael G. MacDougall President
Martin Davidson Chief Financial Officer
Karl Ivar Peterson Non-Executive Chairman
Anilu Vazquez-Ubarri Director
Mark Fields Director
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