SEC Filing Summary: TPG Pace Holdings Corp.
Business Context and Reporting Period
This Form 8-K reports the consummation of the initial public offering (IPO) by TPG Pace Holdings Corp. on June 30, 2017. The registrant is a Cayman Islands corporation. Note: The input metadata references "Accel Entertainment, Inc.", but the filing text explicitly identifies the registrant as "TPG Pace Holdings Corp."
Key Financial Metrics
- Gross Proceeds from IPO: $450,000,000 from the sale of 45,000,000 units at $10.00 per unit.
- Gross Proceeds from Private Placement: Approximately $11,000,000 from the sale of 7,333,333 warrants to the sponsor at $1.50 per warrant.
- Total Funds in Trust: $450,000,000 placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A.
- Trust Composition: Includes $441,000,000 from IPO proceeds (including $15,750,000 deferred underwriting discount) and $9,000,000 from private placement proceeds (net of $2,000,000 designated for operational use).
- Warrant Exercise Price: $11.50 per share.
Material Changes
The filing documents the transition from a private entity to a publicly traded company. The primary material change is the receipt of $461,000,000 in total gross proceeds ($450 million IPO + $11 million private placement) and the establishment of a trust account holding $450 million. No prior comparable period financial data is provided in this text.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard disclosure of the warrant exercise price subject to adjustment. The filing notes the inclusion of an audited balance sheet as of June 30, 2017, as Exhibit 99.1.
Investor Verification Checklist
- Verify the identity of the registrant (TPG Pace Holdings Corp.) versus the metadata label (Accel Entertainment, Inc.).
- Review Exhibit 99.1 (Audited Balance Sheet) for the detailed allocation of the $450 million trust funds.
- Confirm the terms of the over-allotment option exercise (5,000,000 units).
- Check the specific terms regarding the $2,000,000 designated for operational use outside the trust.