ShoulderUp Technology Acquisition in an 8-K said all voting shareholders approved a deadline extension that now gives the SPAC until Nov. 19 to complete a deal.
Despite the unanimous support for the measure, 1,125,154 shares were redeemed at $10.83 per share, an aggregate of $12,190,859.
ShoulderUp 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.
After the latewst round of redemptions, the SPAC would hold about $30 million in trust.
ShoulderUp has a merger agreement with SEE ID, a startup developing asset intelligence technology. The deal was announced in March at an implied pro forma enterprise value of $130 million.
The transaction is expected to be completed in the second quarter. If approved, after closing a newly formed parent company of SEE ID will become publicly traded and is expected to list on the Nasdaq under the symbol DAIC.
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.” Read more.
