ShoulderUp Technology Acquisition Corp. (NYSE: SUAC) has signed a non-binding letter of intent (LOI) to combine with eVTOL aircraft company Airspace Experience Technologies.
Founded in 2017, the Detroit-based company aims to offer the public, logistic companies, and first-response teams a cleaner, faster and more affordable transportation alternative. It has secured notable customers such as the U.S. Air Force, Dept. of Navy, and Mail Management Services.
Although it remains unclear how much funding Airspace Experience Technologies has raised to date, the eVTOL company started a funding round in partnership with SeedInvest to raise $8 million to support development work. The company also launched a Series A funding round in March 2020, welcoming new investors to join their urban air mobility opportunity.
The parties have not yet released any financial parameters on the deal, but they expect to execute a definitive agreement together before the end of the year.
ShoulderUp Technology currently faces a November 19 completion deadline but has an upcoming extension meeting to push this to May 19, 2024. The SPAC has $43 million in its trust after seeing 86.15% removed from redemptions during an April meeting.
Since there is no guarantee that this LOI makes it to the definitive agreement stage, ShoulderUp Technology will stay in SPACInsider’s searching column for now.
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