TradeUP Acquisition, a blank check company targeting technology businesses operating in various sectors, raised $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. Certain investors had indicated an interest in purchasing up to an aggregate 59.4% of units in the offering.
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 plans to list on the Nasdaq under the symbol UPTDU. Tiger Brokers, EF Hutton, and R.F. Lafferty & Co. acted as joint bookrunners on the deal.
