ShoulderUp Technology Acquisition in a proxy filing wants shareholders to approve a deadline extension from Nov. 19 to May 19, 2024.
The SPAC earlier this month signed 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.
ShoulderUp has said 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 the current Nov. 19 deadline, although redemptions connected with that measure removed about 86% of the SPAC’s cash in trust. Read more.
