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 Kristi Marvin on 2023-12-09 at 11:45am

Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...

by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved