TradeUP Global Corp. (NASDAQ:TUGC) announced this afternoon that its shareholders have voted to approve its combination with crypto-mining equipment maker SAITECH.
Holders of 4,311,707 of TUGC’s ordinary shares, representing approximately 73.9% of the shares outstanding, were present at today’s meeting. The business combination was overwhelmingly approved as it received 3,984,478 votes in favor of the transaction and just 127,229 against it.
TradeUP saw a total of 2,071,735 shares redeemed for cash. This amounts to 46.152% of the trust, which comes in well under the 2022 average redemption percentage of 85.18%. It is also the second best vote of the year out of 32 SPAC completion votes right behind Power & Digital Infrastructure’s $4.3 billion combination with Core Scientific, which saw redemptions of just 36%.
SAITECH and TradeUP Global plan to close the deal as soon as practicable, and the combined company’s ordinary shares and warrants are expected to trade on The Nasdaq Stock Market LLC under the new ticker symbols “SAI” and “SAIW” respectively.
The parties initially announced the $228 million combination on September 28, 2021. Singapore-based SAITECH provides software and hardware solutions to improve the energy efficiency of bitcoin mining operations.
ADVISORS
- Winston & Strawn LLP acted as the legal advisor to SAITECH.
- Very Wise Consulting acted as financial advisor to SAITECH.
- Duff & Phelps acted as the M&A financial advisor to the Audit Committee of TradeUP Global.
- Sidley Austin LLP acted as the legal advisor to TradeUP Global.
- DLA Piper LLP acted as legal advisor to the Audit Committee of TradeUP Global.
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