TradeUP (NASDAQ:UPTD) announced this morning that it has closed its combination with Estrella Biopharma and its shares and warrants will begin trading on the Nasdaq under the symbols “ESLA” and “ESLAQ” on October 2.
This will be the first time that TradeUp sub-unit’s will split into shares and their accompanied 1/2 warrants. The SPAC secured shareholder approval for the deal way back on July 31, but TradeUP has spent the past two months securing additional committed financing for the combination.
Estrella is to receive $23.1 million in gross proceeds in the end made up of $10 million in PIPE cash, $9.75 million from a preferred offering and about $300,000 in debt, according to the parties’ press release.
That leaves about $3.05 million in equity coming from TradeUp shares. The SPAC saw 98% redemptions reduce its trust to about $829,703 in the final vote, but it also issued 250,000 TradeUp shares to White Lion Capital as a part of a its commitments in a common stock agreement that may see it purchase up to $50 million in stock post-close.
TradeUp initially announced its $398 million combination with Estrella Biopharma in October 2022. Emeryville, California-based Estrella is developing three potential cancer therapies aimed at improving the effectiveness of T-cell treatments.
In March, it gained FDA clearance to start Phase I/II trials for its EB-103 drug candidate, which uses its CD19 t-cell therapy to combat b-cell lymphoma.
ADVISORS
- US Tiger Securities, Inc. has acted as financial advisor to TradeUP.
- Robinson & Cole LLP acted as legal advisor to TradeUP.
- Winston & Strawn LLP acted as legal advisor to Estrella.
Terms Tracker for the Week Ending September 6, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. It was a short holiday week and while it was light on filings, SPACs did manage to price two IPOs. That means 2024 has now...
Compass Digital (NASDAQ:CDAQ) has entered into a definitive agreement to combine with renewable energy firm EEW at a pro forma enterprise value of $386 million. London-based EEW is a solar, hydrogen and energy storage project developer with 1.4 GW of solar projects sold to date in Australia, the UK, Spain, and Sweden. The combined company...
Evergreen (NASDAQ:EVGR) has entered into a definitive agreement to combine with enterprise software firm Forekast at a pre-money enterprise value of $105 million. The company provides data analytics and customer engagement tools backed by some degree of AI automation to improve efficiencies for its business clients. The combined company is expected to trade on the...
At the SPAC of Dawn The auto-reply messages are off. SPACs are definitively back from vacation and in the thick of it. Two new SPACs are set to debut in trading today in Vine Hill (NASDAQ:VCICU) and Andretti II (NASDAQ:POLEU) and two SPACs have also landed their search on new targets, which could pull a...
Vine Hill Capital Investment Corp. announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VCICU”, Friday, September 6, 2024. The new SPAC intends to focus its search on a target business in the industrial and services industries, where it believes the expertise...