SPAC TradeUP Global Corp files for a $40 million IPO

TradeUP Global Corp, the second blank check company led by the founder of Zhencheng Capital, filed on Thursday 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 Global Corp 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 Lei Huang, who currently serves as the CEO of US Tiger Securities. Jianwei Li also serves as Co-CEO and Chairman of TradeUP Acquisition (UPTDU), which filed to raise $40 million last month. The company plans to target businesses that are fundamentally sound but underperforming their potential, exhibit unrecognized value, and offer opportunities to enhance financial performance, among other characteristics.

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