DEALS
Zhong Lun Assists SAI.TECH with its Listing on Nasdaq in the United States through SPAC Model
Zhong Lun Assists SAI.TECH with its Listing on Nasdaq in the United States through SPAC Model
On April 29, 2022, TradeUP Global Corporation (“TradeUP Global") (stock codes: TUGC, TUGCU and TUGCW), a special purpose acquisition company (SPAC) listed on the Nasdaq Capital Market of the United States, announced that it had completed the business combination with SAITECH Limited (“SAI. TECH", a company registered in the Cayman Islands). The value of this transaction was estimated US$188 million.
The transaction was approved by TradeUP Global shareholders on April 22, 2022.Following the business combination, TradeUP Global was renamed to “SAI.TECH Global Corporation."The Class A ordinary shares and warrants of SAI.TECH have been trading on the Nasdaq Stock Market under the new ticker symbols “SAI" and “SAITW,"respectively.
SAI. TECH is a global computing power operator and clean-tech company that integrates computation, heating and power industries. SAI. TECH uses a proprietary liquid cooling and waste heat recovery technology that enables utilization of waste heat from chips to provide recycled energy heating services for potential customers while achieving lower operating costs of supercomputing data center infrastructure.
SPAC means a special purpose acquisition company which is a shell company listed on a stock exchange with cash only. It does not have any substantive business at the time of IPO but will use the proceeds raised in the IPO to merge with or acquire an unlisted company so that the post-M&A new company will become a public company with substantive business.
Zhong Lun acted for SAI. TECH as its PRC legal counsel in this transaction. The partners providing legal services for this transaction were Mr. Wayne Wang and Ms. Conghui Meng (assisting with the business combination and listing transaction), and Mr. Jack Qiao (assisting with the pre-listing private equity financing).
