TradeUP Acquisition in an 8-K filing said it issued promissory notes to its sponsor and CoCEO Weiguang Yang totaling $294,600. The draw-down will be used for working capital. The notes can be converted to shares at $10 each.
TradeUp is focused on the technology sector, specifically automation, digitalization, energy efficiency and artificial intelligence.
The SPAC raised $40 million in an IPO a year ago. Read more.
