ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
001-40368 SAI.TECH GLOBAL CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of incorporation or organization) (I.R.S.
Explanatory Note On April 29, 2022 (the Closing Date ), SAITECH Limited, a Cayman Islands exempted company incorporated with limited liability ( SAI ) consummated the previously announced business combination pursuant to the Business Combination Agreement, dated September 27, 2021, (as amended, the Business Combination Agreement ), by and among the Company, TradeUP Global Corporation, a Cayman Islands exempted company ( TradeUP or the Company ), and TGC Merger Sub, a Cayman Islands exempted company ( Merger Sub ).
Pursuant to the Business Combination Agreement, Merger Sub merged with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of TradeUP.
In connection with the business combination, TradeUP changed its corporate name to SAI.TECH Global Corporation ( New SAI ).
On April 29, 2022, when Merger Sub merged with and into SAI (the Merger ), said Merger resulted in, among other things, the cessation of the separate corporate existence of Merger Sub, and SAI continued as the surviving entity, and as a wholly-owned subsidiary of TradeUP, which was subsequently renamed SAI.TECH Global Corporation.
As a result of the Merger, and since the effective time of the Business Combination, New SAI became a foreign private issuer ( FPI ).
Despite being an FPI, New SAI is electing to file this Quarterly Report on Form 10-Q on behalf of the Company to fulfill previous reporting obligations.
Financial Statements 1 Condensed Balance Sheet (Unaudited) 1 Condensed Statements Of Operations (Unaudited) 2 Condensed Statement Of Changes In Shareholder s Equity (Deficit) (Unaudited) 3 Condensed Statement Of Cash Flows (Unaudited) 4 Notes To Condensed Financial Statements 5 Item 2.
The accompanying notes are an integral part of these unaudited condensed financial statements.
REMOVED
001-40368 TRADEUP GLOBAL CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands 98-1584130 (State or other jurisdiction of incorporation or organization) (I.R.S.
Financial Statements Condensed Balance Sheet (Unaudited) 3 Condensed Statement of Operations (Unaudited) 4 Condensed Statement of Changes in Shareholder s Deficit (Unaudited) 5 Condensed Statement of Cash Flows (Unaudited) 6 Notes to Unaudited Condensed Financial Statements 7 Item 2.
The Company has not selected any Business Combination target and it has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any Business Combination target with respect to the Business Combination.
As of September 30, 2021, the Company had not commenced any operations.
The Merger Consideration will be paid by the issuance of the Company s Class A ordinary shares ( Purchaser Class A Shares ) and a new series of the Company s Class B ordinary shares ( Purchaser Class B Shares ) with an aggregate value, based on a price of $ 10.00 per share, equal to $ 228,000,000 .
As of September 30, 2021, the Company had a working deficit of $ 141,389 .
The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans.
In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor, or an affiliate of the Sponsor or certain of the Company s officers and directors may, but are not obligated to, loan the Company funds as may be required up to $ 1,200,000 as discussed in Note 6.
Based on the foregoing, the Company believes it will have sufficient cash to meet its needs to execute its intended initial Business Combination twelve months from the date of the issuance of the accompanying unaudited condensed financial statements.
Operating results for the interim period ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021.