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Tech SPAC TradeUP Acquisition files for a $40 million IPO

February 19, 2021
UPTDU

TradeUP Acquisition, a blank check company targeting technology businesses operating in various sectors, filed on Friday with the SEC to raise up to $40 million in an initial public offering.

The New York, NY-based company plans to raise $40 million by offering 4 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, TradeUP Acquisition would command a market value of $52 million.

The company is led by Co-CEO and Chairman Jianwei Li, the founder and Managing Partner of Zhencheng Capital, and Co-CEO and Director James Yang, who is co-founder and CEO of Zhongchao (ZCMD), which completed its IPO on the Nasdaq in February 2020. The company plans to target a technology business with operations in the automotive or automotive-related, semiconductor, artificial intelligence, digital health, e-commerce, and education sectors.

TradeUP Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol UPTDU. Tiger Brokers and R.F. Lafferty & Co. are the joint bookrunners on the deal.