- ShoulderUp Technology Acquisition Corp (SUAC, Financial) plans a $7 million financing round via PIPE and ELOC.
- Financing will support the completion of SUAC's merger with SEE ID, Inc.
- Securities to be offered to qualified institutional buyers and non-U.S. persons.
ShoulderUp Technology Acquisition Corp (SUAC) has announced its intention to raise up to $7 million through a private investment in public equity (PIPE) and/or an equity line of credit (ELOC). This financing effort is in connection with its pending business combination with SEE ID, Inc. The proceeds from this funding are intended to satisfy closing conditions and support the operations of the combined entity post-merger.
The offering will be directed exclusively towards qualified institutional buyers under Rule 144A and to non-U.S. persons in compliance with Regulation S. As the securities will not be registered under the Securities Act of 1933, they cannot be offered or sold in the United States without meeting specific exemption requirements.
This $7 million target represents approximately 4.9% of ShoulderUp's current market capitalization, which stands at $141.5 million. The company remains in preliminary stages, with financing subject to market and other conditions, emphasizing that this is not yet a finalized transaction.
