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.
Cantor Equity Partners II (NASDAQ:CEPT) filed another warrantless SPAC showing that the firm will not be slowing down despite Cantor CEO Howard Lutnick moving his attentions to the administration. The new $200 million SPAC would join Cantor Equity Partners I (NASDAQ:CEPO), which became the first SPAC to IPO this year and Cantor Equity Partners (NASDAQ:CEP),...
At the SPAC of Dawn US market futures continue to be flash dark red after a major down day saw SPAC-favorite exchange Nasdaq lose about -4% of its value leaving it running down -9.5% on the year. The sudden downturn has been somewhat personal for the administration as Trump Media (NASDAQ:DJT) itself fell about -11.5%...
Titan Acquisition Corp has filed for a $240 million SPAC IPO, aiming to focus on opportunities in the finance and tech-enabled services industry. The blank-check company intends to list on the Nasdaq under the symbol “TACHU”, offering 24,000,000 units at $10.00 each, with the trust funded at 100.5%. The unit structure includes one-half of one...
Dune II (NASDAQ:IPODU) has filed for a $150 million IPO to give its young team a chance to go two-for-two with completed deals in its SPAC series. The Dune team had a tumultuous run in their first outing that eventually saw it combine with sustainable fuel developer Global Gas (OTC:HGAS) in 2023. Dune I was...
Siddhi Acquisition Corp has filed for a $200 million SPAC backed by the consumer-focused investment firm of the same name and becomes the second new SPAC to file with Santander since the start of the year. Like Santander’s earlier IPO for Live Oak V (NASDAQ:LOKVU), Siddhi is overfunding its trust to 100.5% with $10.05 per...