TradeUP Acquisition filed a proxy today for a third deadline extension to complete its deal with Estrella Biopharma — up to July 14, 2024. The target, which has already deposited $45,511 (5 cents a share) into the SPAC’s trust, agreed to continue making monthly deposits of 5 cents a share up to the proposed new deadline. The current deadline is July 19, with the extension propsal schedule for a vote two days prior.
At deal announcement in October, terms called for Estrella Biopharma to receive the SPAC’s $45.4 million of cash held in trust at that time. However, ahead of a January extension vote, redemptions erased about 78% from the SPAC’s cash in trust. Read more.
