TradeUP Acquisition in an 8-K said its merger partner Estrella Biopharma deposited a monthly extension payment of $45,511 to the SPAC's trust for a one-month extension on the deal deadline, now set for July 19.
Estrella can convert the loan into shares of the combined company at $10 each.
At deal announcement in October, the merged enterprise had a pro forma valuation of $398.5 million.
If approved, at closing newly renamed Estrella Immunopharma would trade on the Nasdaq.
Estimated cash proceeds are expected to consist of TradeUP's approximately $45.4 million of cash in trust (assuming no redemptions).
Estrella is a preclinical-stage biopharmaceutical company developing CD19-targeted ARTEMIS®️ T-cell therapies under certain license agreements with the capacity to address treatment challenges for patients with blood cancers and solid tumors. Read more.