TradeUP in an 8-K filing said it amended its merger agreement with SAITECH to extend the outside date for closing the deal to May 31.
Announced in September, the deal carries a pro forma equity value of $228 million.
If the deal is approved, SAITECH would list on the Nasdaq under SAI. The company generated revenue of approximately $8 million in the first half of 2021, according to a news release issued at the time of the merger announcement.
Estimated cash proceeds from the transaction are expected to consist of TradeUP Global’s $44.9 million of cash in trust (assuming no redemptions). Read more.
