TradeUP Global holders approve SAITECH business combination; 2.07 million shares redeemed
Shareholders of TradeUP Global Corporation, a special purpose acquisition company, approved the proposed business combination with SAITECH Limited and related proposals at an extraordinary general meeting on April 22, 2022. Before closing, holders of 2,071,735 ordinary shares had presented shares for redemption as of 9:00 am Eastern Time that day, and the companies expect the combined company to trade on Nasdaq as SAI and SAIW after closing.
- Business Combination Proposal approved with 3,984,478 votes for, 127,229 against and 200,000 abstentions
- 4,311,707 ordinary shares, about 73.9% of those outstanding and entitled to vote as of March 9, 2022, were represented at the meeting
- As of 9:00 am Eastern Time on April 22, 2022, 2,071,735 ordinary shares had been presented for redemption
- Closing is planned as soon as practicable; shares and warrants expected to trade on Nasdaq as SAI and SAIW one business day after closing