Honorary Member of the Forbes Global Alliance (FGA), SAI. TECH CEO Arthur Lee's company recently announced that the merger with TradeUP Global has been approved by the US SEC, and the combined company will be listed on the NASDAQ stock exchange under the ticker symbol "SAI" and the combined transaction is valued at $188 million. SAI. TECH investors include Zhencheng Investment, New World Group, AMINO Fengyuan Capital, Chaoyuan Venture Capital, Hangzhou Jiayin, Kaimai Investment, Bitmain and Mr. Sun Zeyu.
TradeUP Global Corporation ("TradeUP Global" or "TUGC") (NASDAQ: TUGC, TUGCW, TUGCU) – SPAC (Special Purpose Acquisition Company) initiated by Li Jianwei, founder of Tiger Brokers and Zhencheng Investments, and SAITECH Limited ("SAI. TECH") – A Singapore-based computing operator that provides clean computing power jointly announced that the U.S. Securities and Exchange Commission ("SEC") has responded to TradeUP Global for its previously announced TUGC and SAI. STATEMENT OF THE F-4 Registration Form (File Number. 333-260418) will be effective and the Extraordinary General Meeting of Shareholders will be held on April 22, 2022 ET.
According to the introduction, SAI. TECH uses liquid cooling and waste heat recovery technology to recycle chip waste heat to provide potential customers with clean thermal services, reduce the operating costs of computing power for high-performance computing, and help the computing industry transition to clean energy. The company is a member of the European Heat & Power (EHP) and The International District Energy Association (IDEA) to drive the decarbonization of the heating industry with high-performance data center waste heat. TradeUP Global Corporation (Nasdaq: TUGC) is a listed special purpose acquisition company registered as a Cayman Islands exempted company for the purpose of mergers, share exchanges, asset acquisitions, share purchases, restructurings or similar business combinations with one or more businesses.
Image source: courtesy of SAI.TECH company
TradeUP Global has mailed to shareholders holding TUGC on March 9, 2022 (the "Registration Date") the final proxy statement/prospectus relating to the TradeUP Global Extraordinary General Meeting (the "Extraordinary General Meeting"), which will be held on April 22, 2022 at 9:00 a.m. ET. TradeUP Global encourages all shareholders as of the record date to complete the voting by April 21, 2022 at 11:59 p.m. ET, as directed by the proxy card. Shareholders can complete the voting simply and quickly by online, telephone or mail.
“SAI. Tech's corporate merger with TUGC will give the company a strong boost this year. ”SAI. Arthur Lee, Founder and CEO of TECH, said: "As a NASDAQ-listed company, SAI will accelerate its service and support to the global computing power industry and drive the industry to a more sustainable future. With the completion of this merger transaction, SAI is ready to execute on our global growth strategy, to follow through on our mission to provide the world with sustainable clean computing power, abundant clean power and innovative clean thermal infrastructure. ”
Details of the Extraordinary General Meeting of Shareholders
The Extraordinary General Meeting of Shareholders scheduled for April 22, 2022 at 9:00 a.m. EST will approve TradeUP Global and SAI. Pending business combination plans between TECH companies. The Extraordinary General Meeting will be held on the 27th floor of 437 Madison Avenue, New York, NY, and online meetings are also available. Holders of TradeUP Global's common stock may vote on or before the Special General Meeting as of the close of the record date, and TradeUP Global encourages shareholders to complete their votes by 11:59 p.m. ET on April 21, 2022.
TradeUP Global has filed a final proxy statement/prospectus relating to the Extraordinary General Meeting of Shareholders with the SEC and mails the proxy statement/prospectus to shareholders holding TradeUP Global on the record date.
SAI. TECH CEO Lee Ri-sheng
Shareholders of TradeUP Global may vote online, by telephone or by post prior to the Extraordinary General Meeting. Shareholders who need assistance in voting or have questions about the Extraordinary General Meeting may contact the Coordinating Body of the General Meeting, D.F. King, toll-free at (866) 406-2284 or send an email to the relevant email address.
If the merger and related proposals are approved at the Extraordinary General Meeting, the parties expect the merger to be completed shortly thereafter, subject to the satisfaction or waiver of all other closing conditions.
After the business merger is completed, the merged company will be named SAI. TECH Global Corporation。 The parties expect the combined company's Class A common stock and warrants to be listed on NASDAQ under the ticker symbols "SAI" and "SAITW," respectively.