KENNESAW, Ga.--(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...
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