Lily Shen Interviewed on; Thoughts on the Future of Our Business

The conversation with’s Kori Hale took place on the heels of Transfix’s announcement in September that it has entered into a definitive business combination agreement with G Squared Ascend I Inc. (NYSE: GSQD), which is expected to result in Transfix becoming a publicly listed company. In addition to the deal, Shen shares her outlook on the current supply chain crisis and how Transfix is positioned to help solve some of the biggest issues plaguing the industry, today and in the future.  

“We’re building a technology platform which automates the ways in which we connect and match freight from some of the brands we all love most to carriers around the country in real-time,” Shen said. “Our technology presents a huge opportunity for the industry which is incredibly fragmented and complex, with archaic, disparate systems.”

The Transfix platform –– which is designed to help customers achieve greater resiliency, reliability of capacity, and flexibility –– is world-class technology combined with a human-centric approach. Our industry experience enables us to build great tech, but we also understand the importance of the human touch. We believe that bringing all these pieces together will drive better efficiency, superior experiences, and provide value to the larger ecosystem. 

In her discussion with Hale, Shen spoke about the importance of a team with “deep industry experience, strong technology experience, and solid process-improvement experience. That’s how we’ve delivered a very strong model and a superior solution for the shippers, carriers, and drivers that we serve,” she said. “We are all here because we want to deliver smarter, simpler, sustainable solutions for our shippers and carriers, powered by technology and our team.”

In addition to enabling shippers to source capacity in more efficient and effective ways, Transfix aims to improve the lives of carriers and drivers by addressing some of the industry’s most pressing needs — including the driver shortage.  The Transfix platform is designed to help carriers build, grow, and scale their business — and, at the same time, retain their drivers.

“I joined Transfix to help revolutionize the movement of freight and to help modernize the entire ecosystem,” Shen says. “We’re in a day and age where technology has radically transformed so many industries and lives, making things simpler, smarter, and more sustainable. Think about how personal investing has changed, how communication has changed, and just think about all the platforms we use today that didn’t even exist 10 years ago. The transportation sector is one of the biggest and most important sectors to our entire economy and our day-to-day lives. The importance of human-centered and technology-enabled freight has really come into the spotlight, and we’re all experiencing it in real-time.”

Transfix plans to continue growing strategically, evolving its platform and offerings to serve the evolving needs of its shipper and carrier partners. 


Quotes have been edited for clarity and consistency.


Important Information and Where to Find It

In connection with the proposed business combination involving G Squared Ascend I Inc. (“G Squared”) and Transfix, Inc. (“Transfix”), Transfix Holdings, Inc. (“Transfix Holdings”) has filed a registration statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”). The Registration Statement includes a proxy statement of G Squared and a prospectus of Transfix Holdings. Additionally, G Squared and Transfix Holdings will file other relevant materials with the SEC in connection with the business combination. Copies may be obtained free of charge at the SEC’s website at Security holders of G Squared are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination and related matters. The information contained on, or that may be accessed through, the websites referenced in this communication is not incorporated by reference into, and is not a part of, this communication.


Participants in the Solicitation

G Squared and its directors and officers may be deemed participants in the solicitation of proxies of G Squared’s stockholders in connection with the proposed business combination. Transfix and its officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of G Squared’s executive officers and directors in the solicitation by reading G Squared’s final prospectus for its initial public offering filed with the SEC on February 8, 2021, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of G Squared’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.


No Offer or Solicitation

This communication is for informational purposes only and is not intended to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities in respect of the proposed business combination and shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.



Forward Looking Statements

The information in this communication may contain statements that are not historical facts but are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the meaning of “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact included in this communication, regarding G Squared’s proposed business combination with Transfix, G Squared’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this communication, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, G Squared and Transfix disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this communication. G Squared and Transfix caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either G Squared or Transfix. In addition, G Squared and Transfix caution you that the forward-looking statements contained in this communication are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against G Squared or Transfix following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the shareholders of G Squared, or other conditions to closing in the transaction agreement; (iv) the risk that the proposed business combination disrupts G Squared’s or Transfix’s current plans and operations as a result of the announcement of the transactions; (v) Transfix’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Transfix to grow and manage growth profitably following the business combination; (vi) costs related to the business combination; (vii) changes in applicable laws or regulations; (viii) rollout of Transfix’s business and the timing of expected business milestones, (ix) the effects of competition on Transfix’s business, (x) supply shortages in the materials necessary for the production of Transfix’s products, (xi) risks related to original equipment manufacturers and other partners being unable or unwilling to initiate or continue business partnerships on favorable terms, (xii) the termination or reduction of government clean energy and electric vehicle incentives, (xiii) delays in the construction and operation of production facilities, (xiv) the amount of redemption requests made by G Squared’s public stockholders, (xv) changes in domestic and foreign business, market, financial, political and legal conditions, and (xvi) the possibility that Transfix may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this communication, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of G Squared’s final prospectus filed on February 8, 2021, and Quarterly Reports on Form 10-Q, in each case, under the heading “Risk Factors,” and other documents of G Squared filed, or to be filed, including the proxy statement/prospectus, with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in G Squared’s periodic filings with the SEC, including G Squared’s final prospectus for its initial public offering filed with the SEC on February 8, 2021. G Squared’s SEC filings are available publicly on the SEC’s website at

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