ShoulderUp Technology Acquisition Corp. Announces Updated Estimated Redemption Price To Be Approximately $10.55
Portfolio Pulse from Benzinga Newsdesk
ShoulderUp Technology Acquisition Corp. (SUAC) has updated its estimated redemption price to approximately $10.55 per share, a decrease from the previously reported $10.63. This change is due to the net amount in the trust account, which is $43,839,754 as of November 9, 2023, after accounting for expected franchise and income taxes. The closing price of SUAC's common stock on November 9 was $10.65. Stockholders can still vote or change their vote for the upcoming Special Meeting, and those wishing to withdraw their redemption requests can do so before November 15, 2023.
November 13, 2023 | 10:48 pm
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ShoulderUp Technology Acquisition Corp. has announced a revised estimated redemption price of $10.55, lower than the previous estimate and slightly below the closing stock price of $10.65 on November 9, 2023.
The reduction in the estimated redemption price from $10.63 to $10.55 may be viewed negatively by investors as it reflects a decrease in value. This could potentially lead to a short-term negative impact on SUAC's stock price, especially since the new estimated redemption price is below the recent closing price. The announcement provides clarity on the financial adjustments and offers a window for shareholders to change their decisions, which could influence stock activity in the short term.
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