ShoulderUp Technology Acquisition (NYSE: SUAC.U; SUAC; SUAC.WS) announced that it has entered into a non-binding letter of intent for a potential business combination with a private information technology company.
The SPAC anticipates entering into a definitive agreement by the end of the first quarter of next year.
ShoulderUp in October signed a non-binding letter of intent for a business combination with Airspace Experience Technologies. That LOI has been terminated.
The SPAC raised $300 million in a November 2021 IPO. Shareholders in April approved an extension, although redemptions connected with that measure removed about 86% of the SPAC’s cash in trust. Read more.
