TradeUP Acquisition in an 8-K filing disclosed that, although shareholders approved a merger deadline extension until July 19, about 3.52 million shares were redeemed — representing a loss of about 78% from the SPAC's cash in trust.
The SPAC has a merger agreement with Estrella Biopharma, 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.
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. Read more.
Source: TradeUP Sustains 78% Redemptions on Extension Vote