Financial Support Letter from Tsangs Group Holdings Limited to TG Venture Acquisition Corp.
Tsangs Group Holdings Limited, as the sponsor of TG Venture Acquisition Corp., confirms its willingness and ability to provide financial support to the company if needed. The letter states that while the company currently has enough cash to operate until February 2023, Tsangs Group Holdings Limited will loan any additional funds required for operations if a business combination is not completed by that date. This commitment ensures the company can meet its financial needs for the remainder of its existence if necessary.
Exhibit 10.13
Tsangs Group Holdings Limited
Unit F, 6/F, China Overseas Building,
139 Hennessy Road, Wan Chai, Hong Kong
March 25, 2022
TG Venture Acquisition Corp.
1390 Market Street, Suite 200
San Francisco, California 94102
Attn: Pui Lan Patrick Tsang
Dear Sirs:
As the sponsor entity of TG Venture Acquisition Corp. (the “Company”), we hereby confirm to you that we are willing and able to provide the Company with certain financial support, if necessary. It is our understanding that based on the Company’s management’s current cash flow projections, the Company has sufficient cash reserves to operate until February 2023. We further understand that if the Company does not complete a business combination by February 2023, the Company will need additional funds to support its operational needs.
Tsangs Group Holdings Limited will loan the Company any additional funds it needs to carry out its operations for the remainder of the Company’s life span. Tsangs Group Holding Limited has the financial means to afford the Company’s projected cash shortfall during such period, should it not complete a business combination by such time.
Please let us know if we can provide any additional support. Thank you.
Sincerely,
Tsangs Group Holdings Limited
_/s/ Pui Lan Patrick Tsang
By: Pui Lan Patrick Tsang
Title: CEO
