Tyfon, a Leading Art Marketplace, to Become a Public Company Through Business Combination with Global Technology Acquisition Corp. I

Tyfon is a contemporary art marketplace in China with a differentiated offline to online (“O2O”) platform Compelling revenue and gross profit CAGRs of ~49% and ~52% (2021A-2024E), respectively Attractive and profitable, net income of $23 million (2023A) and Adjusted EBITDA of $34 million (2023A) Estimated post-transaction enterprise value of $434 million No minimum cash condition due to Tyfon’s healthy balance sheet position ZEPHYR COVE, Nev. and SUZHOU, China, May 15, 2024 PRNewswire — Global Technology Acquisition Corp. I (NASDAQ: GTAC) (“GTAC”), a special purpose acquisition company, and Tyfon Culture Holdings Limited (“Tyfon”), a well-recognized O2O Chinese art marketplace, have entered into a definitive business combination agreement (the “Business Combination Agreement”), pursuant to which Tyfon would become publicly listed. The proposed business combination (the “Business Combination”) is expected to close in the second half of 2024, subject to customary closing conditions, including regulatory and shareholder approvals. Upon closing of the Business Combination, the combined company will be named Tyfon Culture Inc. and will continue to be listed on the Nasdaq Stock Market under the ticker symbol “TFCI.”

Tyfon is a leading art marketplace in China, with a proprietary O2O business model that combines the benefits of in-person art experiences and exhibitions with an innovative online marketplace that offers greater transaction efficiencies, authentication, traceability, and data repository. Tyfon has demonstrated very significant growth in the contemporary Chinese art market (i.e., artworks created after 1949), with Tyfon becoming the largest painting trading intermediary in China, as measured by transaction value in 2022, according to a Frost & Sullivan report. With $906 million in Gross Merchandise Value transacted on the platform from 2021 through 2023 and over 110,000 registered users as of 2023, Tyfon is a major art marketplace in China.