TradeUP Global Corporation Announces Shareholder Approval of Business Combination with SAITECH Limited

TradeUP Global Corporation Shareholders Approve the Proposed Business Combination with SAITECH Limited and the Parties anticipate to Close by the top of April 2022

Following the Closing of the Business Combination, the Renamed Company is anticipated to Continue Trading on The Nasdaq Stock Market Under “SAI” and “SAIW”

NEW YORK, April 22, 2022 /PRNewswire/ — TradeUP Global Corporation (“TradeUP Global” or “TUGC”) (NASDAQ: TUGC, TUGCU, TUGCW), a publicly-traded particular function acquisition firm, introduced in the present day that its shareholders voted to approve the beforehand introduced enterprise mixture (the “Business Combination”) with SAITECH Limited (“SAITECH” or “SAI”) , an energy-saving bitcoin mining operator and a clean-tech firm that integrates bitcoin mining, heating and energy industries, and all different proposals introduced at TradeUP Global’s Extraordinary General Meeting held on April 22, 2022.

(PRNewsfoto/TradeUP Global Corporation)

TradeUP Global plans to file the outcomes of the assembly, as tabulated by an unbiased inspector of elections, on a Form 8-Okay with the Securities and Exchange Commission (the “SEC”) in the present day.

SAITECH and TradeUP Global plan to shut the Business Combination as quickly as practicable, topic to the satisfaction or waiver of customary closing circumstances. One enterprise day following the closing of the Business Combination, TradeUP Global’s Class A strange shares and warrants are anticipated to commerce on The Nasdaq Stock Market LLC below the brand new ticker symbols “SAI” and “SAIW” respectively.

Arthur Lee, SAI Founder and CEO, commented, “We are very excited to have achieved this milestone which is able to formally lead SAI to changing into a public firm on the Nasdaq Stock Market. For the previous two years, many crypto mining corporations have grow to be public. Essentially, these crypto mining corporations are fast-growing High-Performance Computing (HPC) datacenter operators, and so they have a powerful incentive to undertake clear energy and extra environment friendly liquid cooling options. SAI joins the business with its distinctive liquid cooling experience and unparalleled waste warmth restoration capabilities for large-scale heating functions. We will concentrate on selling our innovation globally to put out a extra sustainable infrastructure throughout bitcoin mining, energy and heating industries.”

About SAITECH

SAITECH is a Eurasia-based vitality saving digital asset mining operator that engages within the internet hosting of bitcoin mining machines for its purchasers. SAITECH makes use of a proprietary liquid cooling and waste warmth restoration expertise for digital asset mining machines that permits utilization of waste warmth to offer recycled vitality heating for potential prospects whereas attaining decrease mining working prices. SAITECH strives to grow to be essentially the most cost-efficient digital belongings mining operation firm globally whereas concurrently selling the clear transition of the bitcoin mining business.

About TradeUP Global Corporation

TradeUP Global Corporation, is a Cayman Islands exempted firm integrated as a clean examine firm for the aim of coming into right into a merger, share change, asset acquisition, share buy, recapitalization, reorganization or different comparable enterprise mixture with a number of companies or entities. For extra data, please click on right here.

About the Business Combination

As of the closing of the Business Combination, SAITECH and TradeUP Global will mix, with TradeUP Global being renamed “SAI.TECH Global Corporation” and its Class A strange shares persevering with to be listed on The Nasdaq Stock Market below the brand new ticker image “SAI”.

Forward-Looking Statements

This Press Release consists of “forward-looking statements” throughout the that means of the “secure harbor” provisions of the Private Securities Litigation Reform Act of 1995. TradeUP Global’s and SAITECH’s precise outcomes might differ from their expectations, estimates and projections and consequently, you shouldn’t depend on these ahead trying statements as predictions of future occasions. Words reminiscent of “anticipate,” “estimate,” “mission,” “funds,” “forecast,” “anticipate,” “intend,” “plan,” “might,” “will,” “may,” “ought to,” “believes,” “predicts,” “potential,” “proceed,” and comparable expressions are supposed to determine such forward-looking statements. These forward-looking statements embrace, with out limitation, the Company’s and SAITECH’s expectations with respect to future efficiency and anticipated monetary impacts of the enterprise mixture, the satisfaction of the closing circumstances to the enterprise mixture and the timing of the closing. These forward-looking statements contain important dangers and uncertainties that might trigger the precise outcomes to vary materially from the anticipated outcomes. Most of these elements are exterior the Company’s and SAITECH’s management and are tough to foretell. Factors that will trigger such variations embrace, however usually are not restricted to: (1) the result of any authorized proceedings which may be instituted towards the Company and SAITECH following the announcement of the enterprise mixture settlement and the transactions contemplated therein; (2) the lack to finish the enterprise mixture, together with resulting from failure to acquire approval of the shareholders of the Company, approvals or different determinations from sure regulatory authorities, or different circumstances to closing within the enterprise mixture settlement; (3) the prevalence of any occasion, change or different circumstance that might give rise to the termination of the enterprise mixture settlement or may in any other case trigger the transactions contemplated therein to fail to shut; (4) the danger that the enterprise mixture disrupts present plans and operations because of this of the announcement and consummation of the enterprise mixture; (5) the power to acknowledge the anticipated advantages of the enterprise mixture, which can be affected by, amongst different issues, competitors and the power of the mixed firm to develop and handle development profitably and retain its key workers; (6) prices associated to the enterprise mixture; (7) modifications in relevant legal guidelines or rules; (8) the chance that SAITECH or the mixed firm could also be adversely affected by different financial, enterprise, and/or aggressive elements; (10) the affect of COVID-19 on SAITECH’s enterprise and/or the power of the events to finish the enterprise mixture; and (11) different dangers and uncertainties indicated every now and then within the definitive proxy assertion/prospectus regarding the enterprise mixture, together with these below “Risk Factors” within the definitive proxy assertion/prospectus, and within the Company’s different filings with the SEC. The Company cautions that the foregoing record of elements will not be unique. The Company cautions readers to not place undue reliance upon any forward-looking statements, which converse solely as of the date made. The Company doesn’t undertake or settle for any obligation or enterprise to launch publicly any updates or revisions to any forward-looking statements to mirror any change in its expectations or any change in occasions, circumstances or circumstances on which any such assertion relies.