11:33 AM EDT, 05/15/2024 (MT Newswires) -- Global Technology Acquisition I (GTAC) entered into a definitive business combination agreement that would take Chinese art marketplace Tyfon Culture Holdings public, the companies said Wednesday.

The combined company will have an estimated $434 million in post-transaction enterprise value, based on a pre-money equity value for Tyfon of $428 million and assuming 57% redemptions by the current public shareholders of Global Technology and an anticipated private investment in public equity of $10 million, the companies said.

The combined company will be called Tyfon Culture and will be listed under the ticker symbol TFCI on the Nasdaq Stock Market, the companies said.

Tyfon's senior leadership will continue to manage the combined company with Global Technology initially appointing two of the seven directors, the companies said.

The combination was unanimously approved by the boards of both companies, and the deal is expected to close in H2.

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