ShoulderUp Technology Acquisition in a regulatory filing said today’s shareholde meeting to vote on a deadline extension has been moved back to Friday, Nov. 17 at 12:30 p.m. Eastern.
The SPAC wants to push its completion deadline from Nov. 19 to May 19, 2024.
ShoulderUp in October signed a non-binding letter of intent for a 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 said it anticipates signing a definitive agreement by the end of the year.
The SPAC 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.
