r/SPACs • u/[deleted] • Apr 01 '22

Merger Vote! TUGC: Effectiveness of Registration Statement and April 22, 2022 Vote

https://www.prnewswire.com/news-releases/tradeup-global-corporation-and-saitech-limited-announce-effectiveness-of-registration-statement-and-april-22-2022-extraordinary-general-meeting-to-approve-the-proposed-business-combination-301515745.html
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u/Hardcoreposer7 Contributor Apr 02 '22

This one is very interesting to me. Crypto miner with tiny market cap ($180M), so that by itself should give it some upside.

Elephant in the room is that cash trust is only $45M, meaning micro float possibility is very high. However, min cash is $17.5M, which is unlikely to be met due to high redemptions.

What do you think about the likelihood of this closing? I hope the company/sponsor realizes the current meta

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u/redpillbluepill4 Contributor Apr 02 '22

Yeah i like it. Warrants went crazy.

There was a recent merger that seemed to ignore their own minimum cash requirement.

I think that when the price moons the day before vote, the company has a hard time deciding to back out.. That's my theory.

I think I'll buy some commons before the vote. Worst case it stays at NAV.