TradeUP Acquisition pushed its April 19 merger deadline to May 19 after merger partner Estrella Biopharma deposited $45,511 (5 cents a share) into the SPAC's trust.
The payment is part of the merger agreement between the parties. TradeUP may deploy further monthly extensions until July 19 so long as the monthly deposit is made.
At deal announcement in October, terms called for the target to receive the SPAC's $45.4 million of cash held in trust at that time. However, ahead of a January extension vote, redemptions erased about 78% from the SPAC's cash in trust. Read more.