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ShoulderUp Technology Acquisition Corp. (SUAC) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), targeting the technology and cybersecurity sectors. The company is headquartered in Kennesaw, Georgia, and aims to leverage its leadership team's extensive experience to pursue mergers, capital stock exchanges, asset acquisitions, and other business combinations with one or more businesses or entities.
This innovative company is led by CEO Phyllis Newhouse, the founder of the nonprofit ShoulderUp and CEO of cybersecurity firm XtremeSolutions, and Chairman Vincent Stewart, the Chief Innovation and Business Intelligence Officer of Ankura and a former Lieutenant General in the US Marine Corps. The leadership team, notable for its diversity, consists of 50% women and 50% people of color on the board of directors, and 100% people of color on the management team.
ShoulderUp Technology Acquisition Corp. recently announced its intent to raise $250 million by offering 25 million units at $10 each. Each unit comprises one share of common stock and one-half of a warrant, exercisable at $11.50. This fundraising effort would give the company an estimated market value of $348 million.
In the latest news, stockholders who have previously submitted their proxies or otherwise voted and do not wish to change their vote need not take any action. However, those who wish to change their vote can contact Okapi Partners LLC for assistance. Stockholders are also advised to read the Proxy Statement filed with the SEC for important information regarding the Special Meeting and the Charter Amendment Proposal.
Recently, ShoulderUp entered into a non-binding letter of intent for a potential business combination with a private information technology company, with hopes of finalizing a definitive agreement by the end of the first quarter next year. This step marks a significant move towards achieving its business objectives in the technology and cybersecurity sectors.
Dot Ai has launched ZiM (Zero Infrastructure Mesh), a next-generation IoT tracking technology designed to revolutionize asset tracking in logistics and supply chain management. The patented technology offers innovative asset management by securely gathering data at the edge of the enterprise, capable of reading both passive and active beacons.
ZiM features include battery or hardwired power options, four general-purpose I/O pins for external sensors, integrated signaling LEDs, and AI camera integration for object recognition. The system enables real-time data collection throughout processes, replacing traditional manual systems that only collect data at major milestones.
Full-scale production and deployment is scheduled for end of December 2024. The company has entered into a business combination agreement with ShoulderUp Technology Acquisition Corp. (NYSE:SUAC), expected to complete in H2 2024, after which it will list on Nasdaq as 'DAIC'.
Dot Ai and Würth Industry North America (WINA) have signed a five-year exclusive partnership agreement to deploy AI-driven tracking solutions in the manufacturing sector. The collaboration integrates Dot Ai's advanced tracking technology, including ZIM Bridge and Industrial Passive asset tag solution, with WINA's CPS® kanban inventory management systems. This integration aims to provide real-time data, enhance supply chain metrics, and optimize asset intelligence for WINA's manufacturing clients. The partnership focuses on advancing Industry 4.0 practices through IIoT technology, improving forecasting accuracy and reducing supply chain disruptions.
Dot Ai has appointed Toni Buhrke as Vice President of Global Sales Engineering and Operations. Buhrke, a Certified Information Systems Security Professional with over 20 years of cybersecurity experience, joins from Mimecast where she served as Director of Sales Engineering. In her new role, she will oversee the expansion of sales engineering, channel partnerships, and key account management. This appointment comes as Dot Ai progresses toward its business combination with ShoulderUp Technology Acquisition Corp. (NYSE: SUAC), expected to complete in Q4 2024, after which the company plans to list on Nasdaq under the ticker 'DAIC'.
Dot Ai and ShoulderUp Technology Acquisition Corp. (NYSE: SUAC) have filed a Registration Statement on Form S-4 with the SEC, marking a significant step towards their proposed business combination and Nasdaq listing. Dot Ai, a pioneer in asset intelligence technology, aims to scale its AI-driven asset management and logistics platform through this merger.
CEO Edmund Nabrotzky highlighted strong interest in Dot Ai's track and trace solutions, while ShoulderUp CEO Phyllis W. Newhouse emphasized Dot Ai's potential to address gaps in traditional industrial RFID and video surveillance systems. The merger, announced on March 18, 2024, is expected to complete in the second half of 2024, subject to approvals. Post-merger, the company plans to list on Nasdaq under the ticker symbol 'DAIC'.
ShoulderUp Technology Acquisition Corp. announced that FINRA assigned new trading symbols SUAC, SUACU, and SUACW on June 26, 2024. These symbols represent the company's common stock, units, and warrants, respectively. Consequently, these securities are now eligible for quotation and trading in the over-the-counter market.
ShoulderUp Technology Acquisition Corp. (“ShoulderUp”) has announced the postponement of its Special Meeting of Stockholders from May 15, 2024, 10:00 a.m. Eastern Time to May 17, 2024, 3:00 p.m. Eastern Time.
The record date remains April 19, 2024, and stockholders can still vote virtually via the provided link. The company has also extended the deadline for Public Shares redemption to 5:00 p.m. Eastern Time on May 15, 2024.
Stockholders who previously voted without wanting to change their vote need not take any action. Those wishing to change their vote or withdraw redemption requests can do so before the new deadlines.
ShoulderUp Technology Acquisition Corp. announced the postponement of its Special Meeting of Stockholders from May 15, 2024 to May 17, 2024. The meeting will be held virtually at 3:00 p.m. ET. The record date remains April 19, 2024, allowing stockholders of that date to vote or change their votes if needed. The deadline for submitting Public Shares for redemption in relation to the Charter Amendment Proposal has been extended to the new meeting time. Stockholders can withdraw their redemption requests before the rescheduled meeting.
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