ShoulderUp Technology (NYSE:SUAC) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with an undisclosed private IT company and has terminated its previous LOI with Airspace Experience Technologies.
Terms of the new transaction have not yet been announced, but the parties expect to finalize a definitive agreement by the end of the first quarter of next year and will disclose additional details at that time.
Today’s announcement marks ShoulderUp’s second LOI within a short span. Just a month ago, the company had inked another non-binding LOI, with eVTOL aircraft company Airspace Experience Technologies.
Interestingly, while financial details regarding the potential partnership with Airspace Experience Technologies were not disclosed, the initial expectation was to solidify a definitive agreement before the year’s end. However, today’s announcement revealed the termination of the LOI previously established with Airspace Experience Technologies.
As for ShoulderUp, shareholders recently redeemed additional shares at its most recent extension vote and now an aggregate of 93.38% of the SPAC’s trust has been removed. That extension meeting pushed the SPAC’s completion deadline back to May 19, 2024. It currently has $20.95 million in its trust.
Since there is no guarantee that this LOI will make it to the definitive agreement stage, ShoulderUp Technology will stay in SPACInsider’s searching column for now.
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