TradeUP 88 registered with the SEC to offer 8.8 million units at $10 each. A unit consists of one Class A ordinary share and one-half of one redeemable warrant; whole warrants exercisable at $11.50.
The new SPAC intends to target companies that management believes are underperforming and have unrecognized value.
TradeUP 88 is led by Chairman and Co-CEO Jianwei Li, founder and managing partner of VC firm Zhencheng Capital. Li is also chairman and Co-Chief Executive Officer of the SPAC TradeUP Global, currently listed on the Nasdaq; and TradeUP Acquisition, a SPAC formed in January seeking a Nasdaq listing.
Co-CEO Lei Huang is also CEO of US Tiger Securities, and a member of the board of directors of its parent company, UP Fintech Holding.
Tiger Brokers, CICC, and Kingswood Capital Markets are joint bookrunners on the offering. The underwriters have a 45-day option to purchase up to 1.32 million additional units to cover any over-allotments.
TradeUP 88 has applied for a Nasdaq listing under TUFUU. Read more.
