TradeUP Acquisition in an 8-K said shareholders voted yesterday in favor of combining with Estrella Biopharma. The SPAC said 1,884,258 shares were voted in support of the deal with only 631 against.
TradeUp also disclosed that 650,580 shares were redeemed ahead of the vote. That left about $1 million in trust. TradeUp last week secured a $6.8 million PIPE. Terms of that financing call for Estrella lender Eureka Therapeutics to acquire certain Estrella payables for $6.8 million in exchange for securities of Eureka owned by the investor. At closing, TradeUP will issue 680,000 Class B units to the investor.
At deal announcement in October, terms called for Estrella 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 at that time.
Estrella is a preclinical-stage biopharmaceutical company developing CD19-targeted ARTEMIS T-cell therapies under certain license agreements with the capacity to address treatment challenges for patients with blood cancers and solid tumors. Read more.
