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TradeUP Global Corporation (TUGC) announced that its shareholders approved the business combination with SAITECH Limited, an energy-saving bitcoin mining operator. The merger is expected to close by the end of April 2022, with the combined company to be renamed SAI.TECH Global Corporation and trade on Nasdaq under the ticker symbols SAI and SAIW. The new entity aims to leverage its expertise in liquid cooling and waste heat recovery to enhance efficiency in the bitcoin mining sector, contributing to a sustainable energy transition.
TradeUP Global Corporation (TUGC) announced that the SEC has declared effective its registration statement for the proposed merger with SAITECH Limited, an energy-saving bitcoin mining operator. Shareholders as of March 9, 2022, are urged to vote for the business combination at the Extraordinary General Meeting on April 22, 2022. If approved, TUGC will be renamed SAI.TECH Global Corporation, with its stocks listed on Nasdaq under the new ticker symbols 'SAI' and 'SAITW'.
SAITECH Limited and TradeUP Global Corporation have entered into a definitive business combination agreement, marking SAITECH's path to becoming publicly listed on NASDAQ under the ticker symbol 'SAI'. This transaction values SAITECH at an equity valuation of $228 million and will utilize $44.9 million from TradeUP Global's trust for SAITECH's growth initiatives. SAITECH reported first-half revenues of approximately $8.0 million and aims to enhance its bitcoin mining capacity significantly while promoting energy-efficient operations. The transaction is expected to close in Q1 2022.
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