TradeUP Global Corporation Announces Shareholder Approval of Business Combination with SAITECH Limited
TradeUP Global Corporation shareholders approve the proposed business combination with SAITECH Limited and the parties expect to close by the end of April 2022
Following the closing of the business combination, the renamed company is expected to continue trading on the Nasdaq stock market under “SAI” and “SAIW”
NEW YORK, April 22, 2022 /PRNewswire/ — TradeUP Global Corporation (“TradeUP Global” or “TUGC”) (NASDAQ: TUGC, TUGCU, TUGCW), a publicly traded special purpose acquisition company, today announced that its shareholders have voted to approve the previously announced business combination (the “Business Combination”) with SAITECH Limited (“SAITECH” or “SAI”), an energy-efficient bitcoin mining operator and clean technology company that integrates bitcoin mining, heating and electricity industriesand all other proposals presented to the Extraordinary General Meeting of TradeUP Global held on April 22, 2022.
TradeUP Global expects to file the results of the meeting, as compiled by an Independent Elections Inspector, on a Form 8-K with the Securities and Exchange Commission (the “SEC”) today.
SAITECH and TradeUP Global expect to close the business combination as soon as practicable, subject to the satisfaction or waiver of customary closing conditions. On one business day following the closing of the Business Combination, the Class A common shares and warrants of TradeUP Global are expected to trade on the Nasdaq Stock Market LLC under the new ticker symbols “SAI” and “SAIW” respectively.
Arthur Leefounder and CEO of SAI, said: “We are very happy to have reached this milestone which will officially lead to SAI becoming a public company on the Nasdaq stock market. Over the past two years, many crypto mining companies are Essentially, these crypto-mining companies are fast-growing high-performance computing (HPC) data center operators, and they have strong incentives to embrace clean energy and more efficient liquid cooling solutions. SAI joins industry with its unique liquid cooling expertise and unrivaled waste heat recovery capabilities for large-scale heating applications.We will focus on promoting our innovation globally to build more sustainable infrastructure in bitcoin mining, electricity and heating sectors.
About SAITECH
SAITECH is a Eurasia-based energy-saving digital asset mining operator that engages in hosting bitcoin mining machines for its customers. SAITECH uses proprietary liquid cooling and waste heat recovery technology for digital asset mining machines that allows waste heat to be used to provide recycled energy heating to potential customers while reducing operating costs of mining. SAITECH strives to become the world’s most profitable digital asset mining company while simultaneously promoting the clean transition of the Bitcoin mining industry.
About TradeUP Global Corporation
TradeUP Global Corporation, is a Cayman Islands exempt corporation incorporated as a blank check corporation for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with a or more companies or entities. For more information, please click here.
About the business combination
Effective upon closing of the business combination, SAITECH and TradeUP Global will merge, with TradeUP Global being renamed “SAI.TECH Global Corporation” and its Class A common stock will continue to trade on the Nasdaq stock market under the new symbol ” IAD”.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The actual results of TradeUP Global and SAITECH may differ from their expectations, estimates and projections and , therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “expect”, “anticipate”, “intend”, “plan”, “may”, “will” , “could”, “should”, “believes”, “predicts”, “potential”, “continues” and other similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the expectations of the Company and SAITECH regarding the future performance and anticipated financial impacts of the business combination, the satisfaction of the closing conditions of the business combination and the timing of closing.These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Many of these factors are beyond the control of the Company and SAITECH and are difficult to predict. Factors that could cause such differences include, but are not limited to : (1 ) the outcome of any legal proceedings that may be brought against the Company and SAITECH following the announcement of the business combination agreement and the transactions contemplated therein; (2) the inability to complete the business combination, including due to the inability to obtain the approval of the shareholders of the Company, the approvals or other determinations of certain regulatory authorities, or other closing conditions in the business combination agreement; (3) the occurrence of any event, change or other circumstance which could give rise to the termination of the business combination agreement or which could otherwise prevent the closing of the transactions contemplated therein; (4) the risk that the business combination will disrupt ongoing plans and operations following the announcement and completion of the business combination; (5) the ability to recognize the expected benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees ; (6) costs related to the business combination; (7) changes in applicable laws or regulations; (8) the possibility that SAITECH or the combined company may be adversely affected by other economic, business and/or competitive factors; (10) the impact of COVID-19 on SAITECH’s business and/or the parties’ ability to complete the business combination; and (11) other risks and uncertainties disclosed from time to time in the definitive proxy statement/prospectus relating to the business combination, including those under “Risk Factors” in the definitive proxy statement/prospectus. prospectus, and in the Company’s other filings with the SEC. The Company cautions that the above list of factors is not exclusive. The Company cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date made. The Company neither undertakes nor accepts any obligation or undertaking to issue updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances about which any such statement is made. based.
SOURCE TradeUP Global Corporation
