ShoulderUp Technology Acquisition Shareholders Approve 6-Month Extension; Redemptions Hit 86%

ShoulderUp Technology Acquisition said its stockholders approved a deadline extension from May 19 until Nov. 19.

Ahead of the vote, the SPAC said 25,845,428 shares were redeemed at a cost to the trust of almost $270 million, leaving 4,154,572 shares outstanding.

Before the vote, the SPAC's charter allowed for a three-month extension past the May 19 deadline, but only if $3 million was deposited into trust, according to the proxy. Because shareholders approved moving the goalposts back to November, no additional deposit will be required.

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Source: ShoulderUp Technology Acquisition Shareholders Approve 6-Month Extension; Redemptions Hit 86%