TradeUP Acquisition Corp. (UPTD) Signs Additional Subscription Agreements Ahead of Close
by Kristi Marvin on 2023-09-20 at 4:39pm

TradeUP (NASDAQ:UPTD) announced in an 8-K this afternoon that has entered into additional subscription agreements in connection with its combination with Estrella Biopharma.

Under these subscription agreements, Plentiful Limited and Lianhe World Limited, collectively known as the “Investors”, agreed to each buy $5,000,000 worth of UPTD’s common stock, priced at $10.00 per share.  However, if, at the Closing, the volume weighted average price of the shares over the fifteen trading days leading up to it (referred to as the “VWAP”) falls below $8.30, each Investor has the right to receive extra shares. This extra share count is calculated as the difference between $8.30 and the VWAP at the Closing, multiplied by 100,000.

Within thirty days after the Closing, each Investor is also entitled to receive an additional 704,819 shares. Furthermore, if, on the date 24 months after the Closing (the “24-Month Date”), the VWAP of the shares for the fifteen trading days leading up to that date (the “24-Month Date VWAP”) falls below $8.30, each Investor has the right to receive more shares. The number of extra shares is determined by the difference between $8.30 and the 24-Month Date VWAP, multiplied by the difference between the number of shares held by the Investor on the 24-Month Date and the number of shares acquired by the Investor after the Closing, divided by $10.00.

TradeUp initially announced its $398 million combination with Estrella Biopharma in October 2022. The combination was approved by shareholders on July 31, 2023, but the deal is still working its way to a close. However, today’s 8-k states that the combined company’s anticipated first date of trading will be in October 2023.

Emeryville, California-based Estrella is developing three potential cancer therapies aimed at improving the effectiveness of T-cell treatments.

Recent Posts
by Nicholas Alan Clayton on 2024-02-28 at 3:31pm

SK Growth (NASDAQ:SKGR) has entered into a definitive agreement to combine with digital investment platform Webull at an enterprise value of $7.3 billion. New York-based Webull provides an equities trading and education platform to about 20 million cumulative users. The combined company is expected to trade on the Nasdaq once the deal is completed in...

by Nicholas Alan Clayton on 2024-02-28 at 1:36pm

News and Rumors PR: Hillsinai Learning, which serves about 500,000 students across 40 schools and 5,000 partner schools, has hired iLearningEngines to build its AI learning automation platform. iLearningEngines has a pending combination with Arrowroot (NASDAQ:ARRW). SpaceNews: Virgin Galactic (NYSE:SPCE) does not expect any delays on its Galactic 07 mission to take passengers into space...

by Nicholas Alan Clayton on 2024-02-28 at 11:33am

Aetherium Acquisition Corp. (NASDAQ:GMFI) has entered into a definitive agreement to combine with Capital A (KL:5099), the parent company of the AirAsia airline at an estimated transaction value of $1.15 billion. Kuala Lumpur-based Capital A owns the AirAsia regional airline as well as subsidiaries in logistics, payments and loyalty. Transaction Overview Aetherium has an estimated...

by Nicholas Alan Clayton on 2024-02-28 at 7:58am

At the SPAC of Dawn NVIDIA’s (NASDAQ:NVDA) market cap is about 10% of the entire Nasdaq, so the notion that its own rise would float many boats is something of a given. But, it has also been specifically instrumental in the recent gains by a number of de-SPACs in the AI technology space. Soundhound (NASDAQ:SOUN)...

by Nicholas Alan Clayton on 2024-02-27 at 1:32pm

News and Rumors MarketWatch: Benchmark analyst Josh Sullivan said he believes the Moon landing by Inflection Point‘s Intuitive Machines (NASDAQ:LUNR) will be a catalyst for more investment in the commercial space industry, which has been cash-strapped in recent years. PR: Securities and crypto trading platform Coincheck, which has a pending combination with Thunder Bridge IV,...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved