Item 8.01 Other Events.
On May 3, 2021, TradeUP Global Corporation (the "Company") consummated an
initial public offering (the "IPO") of 4,000,000 units (the "Units"). Each Unit
consists of one Class A ordinary share, $0.0001 par value per share (the "Class
A Ordinary Shares"), and one-half of one redeemable warrant (the "Public
Warrants"), each whole Public Warrant entitling the holder thereof to purchase
one Class A Ordinary Share at an exercise price of $11.50 per share. The Units
were sold at an offering price of $10.00 per Unit, generating gross proceeds of
$40,000,000. Substantially concurrently with the closing of the IPO, the Company
completed the private sale (the "Private Placement") of 215,000 Class A Ordinary
Shares (the "Private Placement Shares") to the Company's sponsor, TradeUP Global
Sponsor LLC, at a purchase price of $10.00 per Private Placement Share,
generating gross proceeds to the Company of $2,150,000. The net proceeds from
the IPO together with certain of the proceeds from the Private Placement,
$40,000,000 in the aggregate, were placed in a trust account established for the
benefit of the Company's public shareholders and the underwriters of the IPO
with Wilmington Trust, National Association acting as trustee. Except for the
withdrawal from interest earned on the Offering Proceeds in the trust account to
fund income taxes payable and up to $50,000 of interest to pay dissolution
expenses, or upon the redemption by public shareholders of Class A ordinary
shares in connection with certain amendments to the Company's amended and
restated memorandum and articles of association, none of the funds held in the
trust account will be released until the earlier of the completion of the
Company's initial business combination or the redemption of 100% of the Class A
ordinary shares included in the Units and issued by the Company in the IPO if
the Company is unable to consummate an initial business combination within 18
months from the closing of the IPO.
An audited balance sheet as of May 3, 2021 reflecting receipt of the Offering
Proceeds has been issued by the Company and is included as Exhibit 99.1 to this
Current Report on Form 8-K.
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