ShoulderUp Technology Acquisition said it intends to secure one or more non-redemption agreements ahead of an extension vote. Shareholders are being asked to approve a new deadline of Nov. 19.
If the proposal is approved, the sponsor will convert up to 10.45 million Class B shares into Class A common stock.
As of May 7, ther SPAC said there was approximately $21,342,377 on deposit in the trust.
ShoulderUp has a deal in hand with SEE ID. The target has pioneered a suite of SaaS technologies that empower organizations to streamline their logistics and supply chain processes, as well as bolster operational security.
The deal at announcement in March 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.
