ShoulderUp Technology Acquisition today announced that it has entered into a non-binding letter of intent for a potential business combination with Airspace Experience Technologies.
The eVTOL target is engaged in the urban mobility market. Customers include the U.S. Air Force, Dept. of Navy, and Mail Management Services.
The SPAC said it anticipates entering into a definitive agreement by the end of the year.
ShoulderUp raised $300 million in a November 2021 IPO. Shareholders in April approved an extension to Nov. 19, although redemptions connected with that measure wiped out about 86% of the SPAC’s cash in trust. Read more.
