Current Report Filing (8-k)
July 27 2022 - 11:11AM
Edgar (US Regulatory)
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UPTD:WarrantsEachWholeWarrantExercisableForOneShareOfCommonStockAtExercisePriceOf11.50Member
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): July
27, 2022 (July 25, 2022)
TRADEUP ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-40608 |
|
85-1314502 |
(State or other jurisdiction |
|
(Commission File Number) |
|
(IRS Employer |
of incorporation) |
|
|
|
Identification Number) |
437 Madison Avenue, 27th Floor
New York, New York |
|
10022 |
(Address of principal executive offices) |
|
(Zip Code) |
(732) 910-9692
(Registrant’s
telephone number, including area code)
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act.
Title of each class |
|
Trading
Symbol |
|
Name of each exchange
on which registered |
Units, each consisting of one share of Common Stock and one-half of one Warrant |
|
UPTDU |
|
The Nasdaq Stock Market LLC |
Common Stock, par value $0.0001 per share |
|
UPTD |
|
The Nasdaq Stock Market LLC |
Warrants, each whole warrant exercisable for one
share of Common Stock at an exercise price of $11.50 |
|
UPTDW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company x
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into
a Material Definitive Agreement.
The
disclosure included under Item 2.03 is incorporated by reference.
Item 2.03 Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On
July 25, 2022, TradeUP Acquisition Corp. (the “Company”) issued (i) an unsecured promissory note (the “Note
A”) in the amount of $204,000 to Running Lion Holdings Limited (“Running Lion”), a company limited by shares incorporated
under the laws of British Virgin Islands, which is wholly owned and controlled by Mr. Weiguang Yang, the Co-Executive Officer and director
of the Company and (ii) an unsecured promissory note (the “Note B”, together with Note A, collectively the
“Notes”) in the amount of $294,600. The proceeds of the Notes, which may be drawn down from time to time until the Company
consummates its initial business combination, will be used as general working capital purposes.
The
Notes bear no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company’s business combination
(the “Business Combination”) or (ii) the date of expiry of the term of the Company (the “Maturity Date”). The
following shall constitute an event of default: (i) A failure to pay the principal within five business days of the Maturity Date; (ii)
the commencement of a voluntary or involuntary bankruptcy action, (iii) the breach of the Company’s obligations thereunder; (iv)
any cross defaults; (v) an enforcement proceedings against the Company; and (vi) any unlawfulness and invalidity in connection with the
performance of the obligations thereunder, in which case the Notes may be accelerated.
The
payees of the Notes, Running Lion and Tradeup INC. (collectively, the “Payees”), respectively, have the right, but not the
obligation, to convert their Notes, in whole or in part, respectively, into private shares of the Class A common stock (the “Conversion
Shares”) of the Company, as described in the prospectus of the Company (File Number 333-253322), by providing the Company with written
notice of the intention to convert at least two business days prior to the closing of the Business Combination. The number of Conversion
Shares to be received by the Payees in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding
principal amount payable to such Payee by (y) $10.00.
The
issuance of the Notes was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933,
as amended.
The
copies of the Notes are attached as Exhibit 10.1 and Exhibit 10.2, respectively, to this Current Report on Form 8-K and are incorporated
herein by reference. The disclosures set forth in this Item 2.03 are intended to be summaries only and are qualified in their entirety
by reference to the Notes.
Item 3.02 Unregistered
Sales of Equity Securities.
The
information disclosed under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02 to
the extent required herein. The Conversion Shares, if any, (1) may not, subject to certain limited exceptions, be transferable or salable
by the Payee until 30 days after the completion of the Company’s initial Business Combination and (2) are entitled to registration
rights.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are filed with this Form 8-K:
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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TradeUP Acquisition Corp. |
|
|
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By: |
/s/ Weiguang Yang |
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Name: |
Weiguang Yang |
|
Title: |
Co-Chief Executive Officer |
|
|
|
Date: July 27, 2022 |
|
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