Tech SPAC TradeUP Acquisition prices $40 million IPO

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.

The article Tech SPAC TradeUP Acquisition prices $40 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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