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.


FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....
Cantor Equity Partners III Inc. (NASDAQ:CAEP) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CAEP”, Thursday, June 26, 2025. The new SPAC plans to combine with a target company in an industry where its management has relevant expertise such financial...
Launch One (NASDAQ:LPAA) has entered into a definitive agreement to combine with biotech firm Minovia Therapeutics at a $180 million pre-money valuation. Haifa, Israel-based Minovia is developing a drug platform based on mitochondrial cell therapies to potentially treat rare disorders as well as the effects of aging and other causes of bodily degeneration. The combined...