ShoulderUp Technology Acquisition said the shareholder meeting to vote on a deadline extension has been postponed from May 15 until May 17. The SPAC wants to push its merger deadline back by 6 months from May 19 to Nov. 19.
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.”
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. Read more.
