ShoulderUp Technology Acquisition in an 8-K said its sponsor intends to enter one or more non-redemption agreements with unnamed investors for an unspecified number of shares ahead of an extension vote. The SPAC wants wants shareholders to approve a deadline extension from Nov. 19 to May 19, 2024.
ShoulderUp last 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 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.
