TradeUP Acquisition (NASDAQ:UPTD) stock is gaining on Tuesday after the company provided investors with an update on its business.
TradeUP Acquisition is a special purpose acquisition company (SPAC) currently seeking to combine with pharmaceutical company Estrella Biopharma. The company is developing therapies that can aid in the treatment and safety of individuals with blood cancers and solid tumors.
The latest news concerning this SPAC merger comes after a shareholder meeting yesterday. At that meeting, the company held a vote to approve its merger with Estrella Biopharma. Investors overwhelmingly voted in favor of the combination with the company.
What This Means for UPTD Stock
With this approval, TradeUP Acquisition is one step closer to completing its merger with Estrella Biopharma. The company recently extended its merger deadline as well. This gives it until July 14, 2024, to finish the merger plans.
When the combination closes, TradeUP Acquisition will change over to Estrella Biopharma. That will also see shares of UPTD stock switch away from that ticker in favor of a new one representing the combined company.
With today’s SPAC merger update, more than 250,000 shares of UPTD stock have changed hands. For comparison, the company’s daily average trading volume is only about 8,000 shares.
UPTD stock is up 39.9% as of Tuesday morning.
Investors searching for more of the most recent stock market news today are in the right place!
We’ve got all of the hottest stock market news that traders need to know about on Tuesday. Among that is why shares of American Superconductor (NASDAQ:AMSC) stock are up, the biggest pre-market stock movers this morning and more. You can find out all about these matters at the links below!
More Stock Market News For Tuesday
- Why Is American Superconductor (AMSC) Stock Up 72% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Why Is NIO Stock Powering Higher Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
