Recent Updates — TVA
Shareholders approved extending the deadline for consummating a business combination from October 24, 2026, to July 24, 2027. The company issued a non-convertible promissory note for $145,000 to its sponsor and deposited this amount into the trust account as the first monthly extension payment. This action extends the business combination deadline to November 24, 2026, with subsequent monthly payments required to maintain the extended timeline until July 2027. The note bears no interest and is payable upon the earlier of a completed business combination or winding up. Texas Ventures Acquisition III Corp operates as a blank check company focused on identifying and merging with private businesses.
Texas Ventures Acquisition III Corp filed an amendment to a prior current report to correct the redemption price and aggregate amount paid to shareholders who elected to redeem their Class A ordinary shares in connection with an extension of the company's business combination deadline from October 2026 to July 2027. The corrected redemption price is approximately $10.63 per share, up from the previously reported $10.58, resulting in a total aggregate redemption amount of approximately $188.2 million for 17,699,488 shares redeemed. Following these redemptions, 4,800,512 Class A ordinary shares remain outstanding. The company operates as a blank check company focused on completing an initial business combination.
Texas Ventures Acquisition III Corp shareholders approved amendments to extend the business combination deadline from October 24, 2026 to July 24, 2027. Approximately 17.7 million shares were redeemed at $10.58 per share, removing $187.3M from the trust account and leaving 4.8 million shares outstanding. The company operates as a blank check company seeking an initial business combination.
On September 30, 2026, Texas Ventures Acquisition III Corp issued a $250,000 unsecured promissory note to its sponsor, Yorkville Acquisition Sponsor II, LLC. The note bears no interest and is payable upon the earlier of the company's initial business combination or winding up. At the sponsor's election, the principal converts into units at $10.00 per unit upon consummation of a business combination. This transaction provides additional working capital for the special purpose acquisition company.
Texas Ventures Acquisition III Corp entered into a definitive Agreement and Plan of Merger with Plus Automation, Inc., valuing the target at an $800 million pre-money equity value. The transaction involves a two-step merger resulting in the combined entity operating as PlusAI Holdings, Inc., incorporated in Delaware. Concurrently, TVA secured approximately $63.9 million in Convertible Notes and a $4.0 million PIPE investment to support the business combination. PlusAI develops AI-based virtual driver software for autonomous trucks, generating $25 million in revenue through its HyperFoundry platform with a targeted 2027 commercial launch of factory-built autonomous trucks.