ShoulderUp Technology Acquisition Corp. Announces Closing of Upsized $300 Million Initial Public Offering
19 November 2021 - 10:49PM
Business Wire
ShoulderUp Technology Acquisition Corp. (the “Company”)
announced the closing of its upsized initial public offering of
30,000,000 units at $10.00 per unit, including 3,500,000 units
issued pursuant to the exercise in full by the underwriters of
their over-allotment option. The units are listed on the New York
Stock Exchange (the “NYSE”) under the symbol “SUAC.U”. Each unit
consists of one share of the Company’s Class A common stock and
one-half of one warrant, each whole warrant entitling the holder
thereof to purchase one share of the Company’s Class A common stock
at an exercise price of $11.50 per share. Once the securities
constituting the units begin separate trading, we expect that the
Class A common stock and warrants will be listed on the NYSE under
the symbols “SUAC“ and “SUAC.WS,” respectively.
The Company is a blank check company whose business purpose is
to effect a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses, which we refer to as our initial business
combination. While the Company may pursue an initial business
combination target in any industry, it currently intends to focus
its efforts on identifying businesses in the technology and
cybersecurity industries, segments where the SPAC’s management,
board and advisory teams have unparalleled collective
expertise.
Citigroup Global Markets Inc. (“Citigroup”) acted as sole
bookrunner and representative of the underwriters and Siebert
Williams Shank & Co., LLC and Roberts & Ryan Investments
Inc. acted as co-managers of the offering.
This offering will only be made by means of a prospectus. Copies
of the preliminary prospectus relating to the offering and final
prospectus, when available, may be obtained from Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717 or by telephone at (800) 831-9146.
A registration statement relating to these securities has been
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”). This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of these securities in any State or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
State or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
“forward-looking statements,” including with respect to the initial
public offering and the anticipated use of the net proceeds. No
assurance can be given that the net proceeds of the offering will
be used as indicated. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s registration statement and prospectus for the
Company’s offering filed with the SEC. Copies are available on the
SEC’s website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211119005742/en/
Phyllis W. Newhouse Chief Executive Officer c/o ShoulderUp
Technology Acquisition Corp. 125 Townpark Drive, Suite 300
Kennesaw, GA 30144 Telephone: (970) 924-0446
Media Relations Berns Communications Group
ShoulderUpPR@bcg-pr.com
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