TradeUP Acquisition announced a July 31 meeting for shareholders to vote on the proposed merger with Estrella Biopharma, a preclinical-stage biopharmaceutical company focusing on cancer therapeutics.
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% of the SPAC’s cash.
Before the vote, TradeUP said it would hold an interim meeting on July 17 at 9 a.m. Eastern to vote on a proposal to extend the merger deadline date from July 19 to July 14, 2024.
The deadline redemption requests is tomorrow.
TradeUP estimates that the redemption price will be approximately $10.51 per share. Read more.
