ShoulderUp Technology Acquisition in a proxy filing asks shareholders to approve a six-month deadline extension to Nov. 17 as it works to finalize a deal with SEE ID.
The target has pioneered a suite of SaaS technologies that empower organizations not only to streamline their logistics and supply chain processes but also bolster operational security.
The deal at announcement last month had an implied pro forma enterprise value of $130 million.
SEE ID offers a SaaS service “that is redefining the paradigms of asset intelligence, assurance, and safety,” the company said. “By harnessing the power of IoT tracking technology, SEE ID stands at the forefront of innovation, offering patented solutions that are not just advanced but transformative.”
The SPAC raised $300 million in a November 2021 IPO. Shareholders almost a year ago approved an extension, although redemptions connected with that measure removed about 86% of the SPAC’s cash in trust. Read more.
