Why TPG Pace Beneficial Stock Crashed Today

Shares of TPG Pace Beneficial Finance (NYSE: TPGY) dropped Tuesday morning after the special purpose acquisition company (SPAC) provided investors with its quarterly financial update. As of 11 a.m. EDT today, TPG shares were down 12.2%.

Investors reacted to a filing from the company that brought into question whether its previously announced merger with electric vehicle (EV) charging network company EVBox would still go through. The issue stems from a delay from Netherlands-based EVBox in completing a required audited financial statement for 2020. That document must be complete before the companies file a registration statement ahead of the business combination.

Source Fool.com