Nasdaq Listed

SAI Announces Closing of Business Combination With TradeUP Global Corporation

The combined company to begin trading on the Nasdaq Stock Market on May 2, 2022 under the ticker symbols “SAI” and “SAITW”

SINGAPORE, April 29, 2022 (GLOBE NEWSWIRE) — SAI.TECH Global Corporation (“SAI.TECH” or “SAI”), a global energy-saving Bitcoin mining operator and a clean-tech company that integrates Bitcoin mining, heating and power industries, announced today that it is closing today, April 29, 2022, the previously announced business combination of SAITECH Limited and TradeUP Global Corporation (“TradeUP”).

The transaction was approved by TradeUP shareholders on April 22, 2022. In connection with the transaction, TradeUP was renamed to “SAI.TECH Global Corporation.” The Class A ordinary shares and warrants of SAI will commence trading on the Nasdaq Stock Market on May 2, 2022, under the new ticker symbols, “SAI” and “SAITW,” respectively. Such shares and warrants also reflect the continuation of the same shares and warrants of TradeUP Global Corporation under the company’s new name following the completion of its business combination with SAITECH Limited, which has become a wholly owned subsidiary of SAI.

“Today marks an important milestone for SAI. I want to start off by thanking everyone who played a part in making SAI become a global leader in the Bitcoin mining industry and a listed company on Nasdaq,” said Arthur Lee, Founder and Chief Executive Officer of SAI.TECH. “SAI is a game changer in the global Bitcoin mining industry because our innovation goes beyond Bitcoin mining. We believe our revolutionary liquid cooling and waste heat recovery technology will reshape the computing infrastructure for the Bitcoin network while simultaneously promoting the electrification and decarbonization of the world’s traditional heating industry.”

TradeUP Global Corporation’s Chairman and Co-Chief Executive Officer and the controlling owner of its sponsor, Jianwei Li, is continuing as a director of the combined company. Mr. Li has a demonstrated track record of successful venture capital investments in disruptive technologies including Cloud / SaaS / AI / Robotics / Drone / Network security. He has served as the founding and managing partner of Zhencheng Capital, a venture capital firm specializing in early-stage technology investments since 2016. In his past career, Mr. Li occupied senior positions in renowned investment institutions and consulting groups including ZhenFund, Sequoia Capital China, Fidelity Growth Partners Asia and Boston Consulting Group. He also serves as Chairman & Co-Chief Executive Officer of other special purpose acquisition companies – TradeUP Acquisition Corp., which consummated its initial public offering in July 2021; and TradeUp 88 Corp., which filed a registration statement for its initial public offering in 2021 and remains in process.

“I am very delighted to be joining SAI as a director,” said Mr. Jianwei Li. “We are firmly supportive to help SAI promote their innovative and high ESG criteria technology and operation to the global market. As one of the most attractive new asset classes, cryptocurrency, especially Bitcoin, has accelerated its institutional acceptance in recent years. However, its energy-intensive infrastructure has impeded its widespread adoption and public trust with this class of assets. SAI is the most unique Bitcoin mining operator we observed globally who has a set of mature energy-saving technology and solutions that can lead the transition of the industry to a green future.”

“By entering the global market, we will continue to make revolutionary changes in the industry,” added Arthur Lee. “We launched SAIHUB 3.0 – the next-generation Bitcoin mining integrated solutions featured by greater energy efficiency and an all-in-one cloud management APP earlier this year,” he said. “I can’t wait to see SAI’s next step as we are working together with global industry partners to build a silicon-based world driven by sustainable high-performance computing, available clean power and innovative chip heating.”

On March 28, 2022, SAI announced it has joined two international district heating associations, including Euroheat & Power (EHP) which is headquartered in Brussels, Belgium, and the International District Energy Association (IDEA) which is headquartered in Westborough, Massachusetts of the United States. SAI expects to collaborate with global leading energy and energy service companies, utilities operators, heating equipment manufacturers, universities and research institutes with support from the two organizations to promote clean heating and build a sustainable Bitcoin mining infrastructure with SAI’s unique liquid cooling and waste heat recovery expertise.

About SAI
SAI is a global energy-saving Bitcoin mining operator and a clean-tech company that integrates the bitcoin mining, power and heating industries. SAI uses proprietary liquid cooling and waste heat recovery technology for its digital asset mining machines, which utilizes waste heat to provide recycled energy and heating to potential customers while lowering mining operating costs. SAI strives to globally become the most energy-efficient digital asset mining operations company, while simultaneously promoting the clean transition of the bitcoin mining, power and heating industries. For more information on SAI, please visit https://sai.tech/.

Forward-Looking Statements
This Press Release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  SAI’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events.  Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, SAI’s expectations with respect to future performance and anticipated financial impacts of the business combination, the satisfaction of the closing conditions to the business combination and the timing of the closing. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. SAI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. SAI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Investor Relations Contact
ir@sai.tech

Source:https://www.globenewswire.com/news-release/2022/04/29/2432756/0/en/SAI-Announces-Closing-of-Business-Combination-With-TradeUP-Global-Corporation.html

Privacy Policy

This is the Privacy Policy for SAI.TECH Global Corporation (hereinafter “SAI”, “we”, “We”, “us” “Us”, “our” or “Our”) and the website (https://sai.tech/) and all online services offered directly by SAI on the website. SAI is a digital asset miner and services company with a business address at #01-05, 195 Pearl’s Hill Terrace, Singapore (168976). This Privacy Policy is effective upon the date of posting and any changes to this Privacy Policy take effect immediately upon posting. This Privacy Policy applies to the collection, processing/use and disclosure of Personal Information relating to you (“you”, “You”, “user” or “User”) by SAI in connection with the use of the website.

 

PLEASE READ THIS PRIVACY POLICY CAREFULLY BEFORE MAKING ANY USE OF THE WEBSITE. BY MAKING ANY USE OF THE WEBSITE OR PROVIDING ANY INFORMATION BY OR THROUGH THE WEBSITE, YOU AGREE AND CONSENT TO THE PRACTICES AND POLICIES DESCRIBED IN THIS PRIVACY POLICY AND ANY WEBSITE TERMS OF SERVICE ASSOCIATED WITH THE WEBSITE, AND TO THE COLLECTION, USE AND DISCLOSURE OF YOUR PERSONAL INFORMATION (AS HEREINAFTER DEFINED) BY SAI IN ACCORDANCE WITH THE TERMS OF THIS PRIVACY POLICY AND ANY OTHER TERMS OF SERVICE OR OTHER TERMS ASSOCIATED WITH THE WEBSITE. IF YOU DO NOT AGREE TO ABIDE BY THIS PRIVACY POLICY AND ANY WEBSITE TERMS OF SERVICE ASSOCIATED WITH THE WEBSITE, PLEASE DO NOT USE THE WEBSITE OR ANY RELATED SERVICES.

 

We know you care about your privacy, and so do we. We have developed this Privacy Policy to describe the types of Personal Information we may collect, how we may use and share that information, our lawful basis for processing it, what rights you have in relation to your Personal Information and how we protect it.

 

Please read this Privacy Policy carefully to understand how we will treat your Personal Information in connection with our website (the “SAI Offerings”) and know that:

  • We are not in the business of selling Personal Information about you to advertisers or spammers.
  • You agree to be bound by this Privacy Policy and all other terms of service, operating rules, policies, and procedures that may be published by us from time to time on the website, each of which may be updated by us from time to time with or without notice to you.
  • Your use of the website is governed by the version of the Privacy Policy in effect on the date of use.
  • This Privacy Policy applies to processing undertaken where we are the organization which determines why and how your Personal Information is processed and is otherwise required under applicable law to provide notice of any processing undertaken.
  • We may make changes to this Privacy Policy from time to time, so please review it frequently. We will indicate at the top of the policy when it was most recently updated and, if the changes are significant, we will provide more prominent notice.
  • Where our use of your Personal Information requires consent, you may withdraw this consent at any time by emailing us at service@sai.tech. You may request access to your Personal Information we hold about you and obtain information about how we process it.

 

WHAT IS ‘PERSONAL INFORMATION’ FOR THE PURPOSE OF THIS POLICY?

“Personal Information” is any information that relates to you, and which, alone or in combination with other information, could reasonably be used to identify you. It does not include data where the identity of the user has been removed (anonymous data) or aggregated with other user data (aggregate user data). Personal information includes any factual or subjective information, recorded or not, about an identifiable individual.

The use of information collected through our SAI services is limited to the purpose of providing the service for which you have engaged with us, as further described below, and in compliance with applicable laws and the terms of this Policy. When you visit our website, we collect information, including Personal Information, only as necessary to interact with you, improve your user experience and provide you relevant data and services. We collect information, including Personal Information and have no direct relationship with individuals whose Personal Information we may process in connection with one of our Subscriber’s subscriptions to and/or use of the SAI services.

 

WHAT PERSONAL INFORMATION DO WE COLLECT?

SAI only collects Personal Information that is reasonably necessary to fulfil the purposes set out in this Privacy Policy. Through and in connection with SAI’s website, SAI collects Personal Information, which may include, but may not be limited to the following information:

  • Your name and e-mail address.
  • Your IP address.
  • Information associated with social media and other Internet accounts that you provide to us through and in connection with our social media accounts, including our Twitter and LinkedIn accounts, which information may include your web address, profile and related information associated with your social media accounts.
  • Information automatically gathered and stored in log files which is associated with information about you as an identifiable individual, as set out in the section entitled Cookies and Tracking Technologies below.

We are not able to gather any Personal Information about you using cookies, and we do not usually store any Personal Information given to us by your cookies.

 

HOW DO WE COLLECT YOUR PERSONAL INFORMATION?

Forms: We collect personal information when you request to become a subscriber and provide it through our online form.

Direct Messages: We may collect personal information when you provide it to us directly through social media or email.

Social Media: We may collect personal information when you interact with us through social media.

Third-Party Cookies: SAI’s website also uses third-party tracking cookies to measure website data, and to provide a better user experience to visitors of https://sai.tech/. Third-party data service providers may use tracking cookies.  The duration of these cookies is the standard duration set by the cookie provider and is not in SAI’s control. Cookies and similar technologies allow us to better: analyze trends; administer our website; navigate of users’ movements around the website; and gather information about our user base as a whole. Overall, the third-party providers that serve cookies assist us in tracking and analyzing general usage from visitors in order to continually improve our website and user experience.

 

WHAT THIRD PARTIES DO WE RECEIVE DATA FROM, IF ANY?

We currently receive data from Google Analytics, and https://www.mailerlite.com/, and in the future, we will list other data providers in this section as we integrate with their systems. We do not provide services with automated decision making, and we may use aggregated non-personally identifying information to expand our website services through targeted marketing, remarketing and advertising channels.

 

WHEN, HOW AND WHY WILL WE PROCESS YOUR PERSONAL INFORMATION? 

Where we act as data controller, we rely on the following legal basis for processing your Personal Information:

Consent: We rely on your consent if you are a recipient of our online direct marketing. If you have consented to receive marketing, you may opt out at any time.

Legitimate Interest: If you are our client or prospect client, business affiliate, employee or potential employee, or our website visitor, we may decide to send you materials of interest such as information about our services/products which we believe would be beneficial to you.

Where consent is not required, we will process your Personal Information because either it is necessary for our legitimate interests, to enable us to perform the contract or provide our services to you, or for us to comply with our legal obligations.

Performance of Contract: If you are our client, supplier, employee, akin to employee or business affiliate or our website visitor; Where we act as a Data Processor, we process Personal Information on behalf of Data Controller and we act on their written instructions.

Legal and Regulatory Compliance: From time to time, we may also need to process Personal Information to comply with a legal or regulatory obligation. We rely on this lawful basis when processing any data subject rights requests in accordance with applicable data protection laws and for activities relating to the prevention, detection and investigation of any crime. We also rely on it to comply with our financial reporting obligations and compliance with subpoenas or similar court orders.

 

WHEN DOES SAI SHARE YOUR INFORMATION?

We do not share your personal information with companies, organizations, or individuals outside of SAI, except in the following cases:

 

With Your Consent: We’ll share personal information outside of Google and MailerLite when we have your consent. We’ll ask for your explicit consent to share any sensitive personal information.

 

For External Processing: We provide personal information to our affiliates and other trusted businesses or persons to process it for us, based on our instructions and in compliance with our Privacy Policy and any other appropriate confidentiality and security measures. For example, we use service providers to help us with customer support.

 

For Legal Reasons: We will share personal information outside of Google and MailerLite if we have a good-faith belief that access, use, preservation, or disclosure of the information is reasonably necessary to:

  • Meet any applicable law, regulation, legal process, or enforceable government request.
  • Enforce applicable Terms of Service, including investigation of potential violations.
  • Detect, prevent, or otherwise address fraud, security, or technical issues.
  • Protect against harm to the rights, property or safety of SAI, our users, or the public as required or permitted by law.

 

If SAI is involved in a merger, acquisition, or sale of assets, we’ll continue to ensure the confidentiality of your personal information and give affected users notice before personal information is transferred or becomes subject to a different privacy policy.

 

FOR WHAT OTHER PURPOSES DO WE PROCESS YOUR PERSONAL INFORMATION?

Personal Information submitted to or collected by us, whether through the website or otherwise, may be processed by us for the purposes specified in this Privacy Policy or as specified on the relevant pages of the website, and by using the website and providing your Personal Information you consent to the same. We may process your Personal Information to:

  • administer and operate the website;
  • send you newsletters and/or mailings that you request;
  • inform you of products, promotions or services available from us and our affiliates and partners;
  • respond to feedback, comments, inputs, or customer service requests made by you.

 

DO WE HAVE A DATA PROTECTION OFFICER?

Yes, our General Counsel serves as the designated Data Protection Officer and may be reached at cuijie@sai.tech. In accordance with GDPR, SAI has implemented various organizational and technological measures to ensure its compliance with all GDPR requirements relevant to its collection of EEA citizens’ Personal Information, including those relating to security, access, ratification, erasure, portability, onwards transfer to sub-processors, and export of Personal Information. SAI will timely respond to requests from data subjects to correct, amend, delete or not share Personal Information and is committed to providing breach notifications to relevant supervisory authorities and data subjects in accordance with GDPR timeframes. SAI also performs periodical risk assessments about its processing activities of Personal Information and has appointed a Data Protection Officer (DPO) to address all GDPR related inquiries.

 

If you are a California resident, California law may provide you with additional rights regarding our use of your Personal Information, as follows:

 

California Civil Code Sec. 1798.83 permits you to request and obtain from us, once per year, information regarding the disclosure of your Personal Information by SAI to third parties for such third parties’ use for direct marketing purposes within the State of California.

 

SAI complies with all relevant sections of the California Civil Code Sec. 1798.100 et seq. (CCPA) in connection with its processing of the Personal Information of California residents, including those related to disclosure obligations, sharing of Personal Information, and compliance with Consumers’ choices regarding access, portability and deletion.

 

DO WE IMPOSE SAFEGUARD MEASURES?

We take your privacy seriously and take every reasonable measure and precaution to protect and secure your Personal Information. We work hard to protect you and your Personal Information from unauthorized access, alteration, disclosure or destruction and have several layers of security measures in place, including, without limitation, encryptions. We use industry-standard hosting services to power our website. Any personally identifiable information will be held in password-protected or encrypted data storage and will only be accessible by our IT Team managers or with the permission of SAI executives.

 

HOW LONG DO WE KEEP YOUR PERSONAL INFORMATION?

We will keep your Personal Information for no longer than reasonably necessary. Your Personal Information will be retained in accordance with all legal and regulatory requirements. You may contact us at any time to delete your personal information.

 

ARE THERE LINKS TO OTHER WEBSITES ON OUR WEBSITE?

The SAI website may contain links to websites maintained by third parties, whose information and privacy practices differ from ours. We are not responsible or liable for the content of any such websites, any use of such websites or the information or privacy practices employed by the providers of such websites. We encourage you to read the privacy statements of all third-party websites before using such websites or submitting any Personal Information or any other information on or through such websites.

 

WHO IS OUR WEBSITE INTENDED FOR? 

The services and offerings of our website are not directed to, and we do not knowingly contact or collect Personal Information from, individuals under the age of eighteen. If you are under the age of eighteen, these services and offerings are not intended for you, and you should not provide us with any Personal Information.

 

WHAT ARE YOU ENTITLED TO REQUEST FROM US?

You may request to know about any personal information about you that you provide to SAI or that SAI holds about you. Upon request, we will inform you about any of your personal data we have saved, about their origin and recipient, as well as the purpose of storage, all according to Art. 15 GDPR (Right of access by the data subject). You can get this information by contacting us. If the legal preconditions are met, your rights include rectification, blocking and deletion of the data. We will respond to any requests within 30 days. We will retain Personal Information that we store and process on behalf of our Subscribers for as long as needed to provide the services to our Subscribers, subject to their requests for Personal Information removal. In some cases, we may also retain and use Personal Information as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements.

 

HOW TO CONTACT US? 

If you have any comments or inquiries about this Privacy Policy, if you would like to update information, we have about you or to exercise your rights, you may contact us by sending an email to service@sai.tech.

 

Disclaimer

All statements and expressions are the sole opinion of the company and are subject to change without notice. The Company is not liable for any investment decisions by its readers or subscribers.  It is strongly recommended that any purchase or sale decision be discussed with a financial advisor, or a broker-dealer, or a member of any financial regulatory bodies. The information contained herein has been provided as an information service only. The accuracy or completeness of the information is not warranted and is only as reliable as the sources from which it was obtained.  Investors are cautioned that they may lose all or a portion of their investment in this or any other company.

Information contained herein contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts and may be “forward looking statements”. Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of words such as “expects”, “will”, “anticipates”, “estimates”, “believes”, or by statements indicating certain actions “may”, “could”, “should” or “might” occur.

btc

An Industry-Wide Revolution? Clean Energy Innovators Flock to the U.S for Public Listing

The intensifying geopolitical conflicts have led to a surge in global energy prices, and the world is struggling in a new energy crisis. The price of international crude oil futures rose by over $130 per barrel, and the gasoline price in the US soared to over $4 per gallon, the highest record since 2008.

Affected by such factors, European countries that rely heavily on energy imports start to feel the pinch of the new energy crisis. Since early April, some European nations have been hit by cold air intrusions for an extended period, and a few regions have suffered the lowest temperature in a century. However, due to the surging demand for natural gas, as well as the skyrocketing gas price, many residents cannot afford the expensive gas fees. As such, in these regions, woodfire has become a “normal” way to deal with extreme weather conditions.

Energy transition is imminent

Although fossil energy still dominates the present energy system, the new crisis has encouraged countries to review the development of renewable energy. Recently, the European Commission launched a strategic plan on energy. More specifically, the plan involves targets such as promoting energy diversification in EU countries, accelerating the adoption of clean energy technologies, etc.

At the moment, providers of sustainable energy include well-established public companies such as NextEra Energy, Orsted, and Iberdrola, as well as rising stars like SAI.TECH and Crusoe Energy.

In particular, SAI.TECH is a clean energy driven Bitcoin mining operator that offers hosting services with the world’s leading energy-saving solutions to computing, power and heating industries. Relying on an integrated solution of “liquid cooling + waste heat utilization”, SAI.TECH collects the waste heat generated by mining machines during the computing process for secondary use,such as providing heating services for greenhouses, residential and commercial buildings or even district heating. This approach replaces the traditional heat source with clean energy while slashing the cost of electricity.

Maintain miners’ profit margin

According to data from CCAF, as of April 21, 2022, the annual power consumption of global bitcoin mining is about 137.36TWh (1TWh=10^9 kWh), which exceeds that of Sweden.

Tesla’s CEO Elon Musk previously tweeted: “I still believe in cryptocurrency, but it cannot rationalize the massive use of fossil fuels, especially coal.” Driven by the current advocacy for “carbon neutrality” and the impact of international turmoil, renewable energy is apparently more attractive in a world where the price of fossil energy has soared.

The BTC price has fallen by 42% from its peak in November 2021. Meanwhile, multiple intensifying factors have pushed up the price of fossil energy like oil and natural gas. In light of such circumstances, the profit margin of BTC mining has dropped from 90% to around 70%. At the same time, the UK-based research firm Wood Mackenzie suggested in its latest report that renewable energy is 12% to 29% cheaper than the lowest-cost fossil fuel. For miners, the use of renewable energy makes great economic sense —maintaining the profit margin.

Big mining companies ready to take actions

At the just-concluded Bitcoin 2022, over 450 speakers dived into topics such as the core development process of Bitcoin, the difference between traditional finance and Bitcoin, etc. Many of them focused on BTC mining, and energy was also one of their concerns.

Adam Back, the co-founder of Blockstream, said during the conference that Blockstream and Block (formerly Square) are breaking ground on a solar-and battery-powered BTC mining farm in Texas using solar and storage technology from Tesla.

The “unique nature of the miners’ energy consumption profile” is so good for soaking up curtailed energy that it is hard for other industries to compete, said SAI Tech’s CEO Arthur Lee, whose company focuses on the deployment of mining farms which simultaneously provide heating to large installations such as greenhouses and shopping malls through their patented “liquid cooling and waste heat utilization technology”.

This is because clean energy stations are primarily built at remote areas, which benefits energy consumers with high mobility and a huge demand for energy. As crypto miners fit this profile perfectly, there is an inherent competitive advantage for them as clean energy consumers.

It has been reported that the SEC has declared effective TradeUP Global Corporation (Nasdaq:TUGC, TUGCW, TUGCU), a publicly traded special purpose acquisition company (SPAC company), and SAITECH Limited (“SAI.TECH”)’s registration statement relating to their previously announced proposed business combination that will lead to SAI.TECH become a public trading company on the Nasdaq stock market under “SAI”. SAI.TECH is a major partner of ViaBTC Pool (a world-leading comprehensive mining pool). The Extraordinary General Meeting to approve the business combination between TradeUP Global Corporation and SAI.TECH will be held on April 22, 2022 (EST). This represents a major milestone for crypto mining industry because it indicates that capitalists, institutional investors, and the industry itself will focus on identifying new opportunities i.e. energy efficient and ESG solutions in this field. In fact, the entire crypto mining industry is in transition towards scaled, specialized, and globalized growth.

For example, ViaBTC Pool is an all-inclusive crypto mining pool serving a global user base. It provides services that enable the mining of dozens of cryptos, including BTC, ET, LTC, etc. Moreover, ViaBTC Pool also features leading hashrates for mining mainstream cryptos like BTC and LTC. If the energy sector could strike a new balance between sustainability and cost, there will continue to be more mining-related institutions like ViaBTC and SAI.TECH.

Conclusion

The current rise in energy prices has led to an imminent “reshuffle” of the BTC mining industry, and mining companies using traditional energy sources might go out of business due to declining profits. Based on actions taken by the leading BTC mining companies such as Core Scientific and Marathon Digital Holdings, the adoption of renewable energy like solar power and wind will gradually become the mainstream trend in the field of crypto mining. However, generally speaking, the market cap of companies engaged in the clean energy business remains low compared with that of traditional energy companies, and clean energy boasts a vast potential market.

Business Combination

TradeUP Global Corporation Announces Shareholder Approval of Business Combination with SAITECH Limited

TradeUP Global Corporation Shareholders Approve the Proposed Business Combination with SAITECH Limited and the Parties expect to Close by the end of April 2022

Following the Closing of the Business Combination, the Renamed Company is expected to Continue Trading on The Nasdaq Stock Market Under “SAI” and “SAIW”

NEW YORKApril 22, 2022 /PRNewswire/ — TradeUP Global Corporation (“TradeUP Global” or “TUGC”) (NASDAQ: TUGC, TUGCU, TUGCW), a publicly-traded special purpose acquisition company, announced today that its shareholders voted to approve the previously announced business combination (the “Business Combination”) with SAITECH Limited (“SAITECH” or “SAI”) , an energy-saving bitcoin mining operator and a clean-tech company that integrates bitcoin mining, heating and power industries, and all other proposals presented at TradeUP Global’s Extraordinary General Meeting held on April 22, 2022.

TradeUP Global plans to file the results of the meeting, as tabulated by an independent inspector of elections, on a Form 8-K with the Securities and Exchange Commission (the “SEC”) today.

SAITECH and TradeUP Global plan to close the Business Combination as soon as practicable, subject to the satisfaction or waiver of customary closing conditions. One business day following the closing of the Business Combination, TradeUP Global’s Class A ordinary shares and warrants  are expected to trade on The Nasdaq Stock Market LLC under the new ticker symbols “SAI” and “SAIW” respectively.

Arthur Lee, SAI Founder and CEO, commented, “We are very excited to have achieved this milestone which will officially lead SAI to becoming a public company on the Nasdaq Stock Market. For the past two years, many crypto mining companies have become public. Essentially, these crypto mining companies are fast-growing High-Performance Computing (HPC) datacenter operators, and they have a strong incentive to adopt clean power and more efficient liquid cooling solutions. SAI joins the industry with its unique liquid cooling expertise and unparalleled waste heat recovery capabilities for large-scale heating applications. We will focus on promoting our innovation globally to lay out a more sustainable infrastructure across bitcoin mining, power and heating industries.”

About SAITECH

SAITECH is a Eurasia-based energy saving digital asset mining operator that engages in the hosting of bitcoin mining machines for its clients. SAITECH uses a proprietary liquid cooling and waste heat recovery technology for digital asset mining machines that enables utilization of waste heat to provide recycled energy heating for potential customers while achieving lower mining operating costs. SAITECH strives to become the most cost-efficient digital assets mining operation company globally while simultaneously promoting the clean transition of the bitcoin mining industry.

About TradeUP Global Corporation

TradeUP Global Corporation, is a Cayman Islands exempted company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. For more information, please click here.

About the Business Combination

As of the closing of the Business Combination, SAITECH and TradeUP Global will combine, with TradeUP Global being renamed “SAI.TECH Global Corporation” and its Class A ordinary shares continuing to be listed on The Nasdaq Stock Market under the new ticker symbol “SAI”.

Forward-Looking Statements

This Press Release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  TradeUP Global’s and SAITECH’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events.  Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.  These forward-looking statements include, without limitation, the Company’s and SAITECH’s expectations with respect to future performance and anticipated financial impacts of the business combination, the satisfaction of the closing conditions to the business combination and the timing of the closing.  These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.  Most of these factors are outside the Company’s and SAITECH’s control and are difficult to predict.  Factors that may cause such differences include, but are not limited to:  (1) the outcome of any legal proceedings that may be instituted against the Company and SAITECH following the announcement of the business combination agreement and the transactions contemplated therein; (2) the inability to complete the business combination, including due to failure to obtain approval of the shareholders of the Company, approvals or other determinations from certain regulatory authorities, or other conditions to closing in the business combination agreement; (3) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement or could otherwise cause the transactions contemplated therein to fail to close; (4) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; (5) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; (6) costs related to the business combination; (7) changes in applicable laws or regulations; (8) the possibility that SAITECH or the combined company may be adversely affected by other economic, business, and/or competitive factors; (10) the impact of COVID-19 on SAITECH’s business and/or the ability of the parties to complete the business combination; and (11) other risks and uncertainties indicated from time to time in the definitive proxy statement/prospectus relating to the business combination, including those under “Risk Factors” in the definitive proxy statement/prospectus, and in the Company’s other filings with the SEC.  The Company cautions that the foregoing list of factors is not exclusive.  The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made.  The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

SOURCE TradeUP Global Corporation

Link: https://www.prnewswire.com/news-releases/tradeup-global-corporation-announces-shareholder-approval-of-business-combination-with-saitech-limited-301531368.html

 

energy operator

TradeUP Global Corporation and SAITECH Limited Announce Effectiveness of Registration Statement and April 22, 2022 Extraordinary General Meeting to Approve the Proposed Business Combination

All owners of TUGC ordinary shares as of March 9, 2022 are encouraged to vote their shares FOR the proposed business combination.

NEW YORKApril 1, 2022 /PRNewswire/ — TradeUP Global Corporation (“TradeUP Global” or “TUGC”) (Nasdaq:TUGC, TUGCW, TUGCU), a publicly traded special purpose acquisition company, and SAITECH Limited (“SAITECH”), an energy-saving bitcoin mining operator and a clean-tech company that integrates bitcoin mining, heating and power industries, today announced that the U.S. Securities and Exchange Commission (the “SEC”) has declared effective TradeUP Global’s registration statement on Form F-4 (File No. 333-260418) relating to the previously announced proposed business combination of TUGC and SAITECH (the “Business Combination”).

TradeUP Global will mail TUGC shareholders as of March 9, 2022 (the “Record Date”) the definitive proxy statement/prospectus relating to the Extraordinary General Meeting of TradeUP Global Shareholders (the “Extraordinary General Meeting”), to be held on April 22, 2022 at 9:00 am ET. Shareholders are encouraged to vote in advance of the Extraordinary General Meeting and will have until April 21, 2022 at 11:59 pm ET to do so. Voting in advance is easy and can be done in one of three ways: online, via telephone or by mail. All TradeUP Global shareholders entitled to vote at the Extraordinary General Meeting are encouraged to vote their shares via proxy in advance of the Extraordinary General Meeting by following the instructions on the proxy card.

“This opens a great year ahead for the company,” Arthur Lee, Founder and CEO of SAITECH, commented. “As a Nasdaq listed public company, SAI can build on the momentum to unlock a sustainable future for global Bitcoin mining industry. With support from this business combination, SAI is ready to execute its global growth strategies and fulfill its mission to provide sustainable mining, available power and innovative heating to the world – this is always our aspiration since establishment.”

Details of the Extraordinary General Meeting

The Extraordinary General Meeting to approve the pending Business Combination between TradeUP Global and SAITECH Limited, among other items, is scheduled for April 22, 2022, at 9:00 am ET. The Extraordinary General Meeting will be held at 437 Madison Avenue, 27th Floor, New York, New York and virtually via live webcast at https://www.virtualshareholdermeeting.com/TUGC2022SM. Holders of TradeUP Global ordinary shares as of the close of business on the Record Date may vote at or before the Extraordinary General Meeting and are encouraged to vote before 11:59 pm ET on April 21, 2022.

TradeUP Global has filed with the SEC a definitive proxy statement/prospectus relating to the Extraordinary General Meeting and will mail the proxy statement/prospectus to shareholders of TradeUP Global as of the Record Date.

TradeUP Global shareholders can vote their shares in advance of the Extraordinary General Meeting online, via telephone or by mail. TradeUP Global shareholders who need assistance voting or have questions regarding the Extraordinary General Meeting may contact TradeUP Global’s proxy solicitor, D.F.King, toll-free at (866)406-2284 or email at TUGC@dfking.com.

If the Business Combination and related proposals are approved by the TradeUP Global shareholders at the Extraordinary General Meeting, the parties anticipate the Business Combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions.

Upon the closing of the Business Combination, TradeUP Global will be renamed SAI.TECH Global Corporation and the Business Combination will result in SAITECH becoming a direct, wholly-owned subsidiary. The parties expect that the Class A common stock and warrants of the combined company will be listed on the Nasdaq under the ticker symbols “SAI” and “SAITW” respectively.

About SAITECH
SAITECH is an energy saving bitcoin mining operator and a clean-tech company headquartered in Singapore that integrates the bitcoin mining, power and heating industries. SAITECH uses proprietary liquid cooling and waste heat recovery technology for its digital asset mining machines, which utilizes waste heat to provide recycled energy and heating to potential customers while lowering mining operating costs. SAITECH strives to globally become the most cost-efficient digital asset mining operations company, while simultaneously promoting the clean transition of the bitcoin mining, power and heating industries.

For more information on SAITECH, please visit https://sai.tech/.

About TradeUP Global

TradeUP Global Corporation (Nasdaq: TUGC) is a blank check company formed as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  TradeUP Global’s and SAITECH’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, TradeUP Global’s and SAITECH’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction of the closing conditions to the proposed business combination and the timing of the closing. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside TradeUP Global’s and SAITECH’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to : (1) the outcome of any legal proceedings that may be instituted against TradeUP Global and SAITECH following the announcement of the business combination agreement and the transactions contemplated therein; (2) the inability to complete the proposed business combination, including due to failure to obtain approval of the shareholders of TradeUP Global, approvals or other determinations from certain regulatory authorities, or other conditions to closing in the proposed business combination; (3) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement or could otherwise cause the transactions contemplated therein to fail to close; (4) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (5) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; (6) costs related to the business combination; (7) changes in applicable laws or regulations; (8) the possibility that SAITECH or the combined company may be adversely affected by other economic, business, and/or competitive factors; (10) the impact of COVID-19 on SAITECH’s business and/or the ability of the parties to complete the business combination; and (11) other risks and uncertainties indicated from time to time in the definitive proxy statement/prospectus relating to the business combination, including those under “Risk Factors” in the definitive proxy statement/prospectus and in TradeUP Global’s other filings with the SEC. TradeUP Global cautions that the foregoing list of factors is not exclusive. TradeUP Global cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. TradeUP Global does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based

Important Additional Information

This communication may be deemed solicitation material in respect of the proposed business combination between TradeUP Global, TGC Merger Sub and SAITECH. This communication does not constitute a solicitation of any vote or approval. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed business combination, on October 21, 2021 TradeUP Global filed a Registration Statement on Form F-4 (as amended, the “Registration Statement”) with the SEC, which includes a preliminary prospectus and preliminary proxy statement. TradeUP Global has also filed a definitive proxy statement/prospectus and may file other documents with the SEC regarding the proposed business combination. TradeUP Global will mail the definitive proxy statement/prospectus and other relevant documents to its shareholders. This communication is not a substitute for the Registration Statement, the definitive proxy statement/prospectus or any other document that TradeUP Global will send to its shareholders in connection with the proposed business combination. Investors and security holders of TradeUP Global are advised to read, when available, the proxy statement/prospectus in connection with TradeUP Global’s solicitation of proxies for its extraordinary general meeting of shareholders to be held to approve the proposed business combination (and related matters) because the proxy statement/prospectus will contain important information about the proposed business combination and the parties to the proposed business combination. The definitive proxy statement/prospectus will be mailed to shareholders of TradeUP Global as of the record date established for voting on the proposed business combination. TradeUP Global’s shareholders will also be able to obtain copies of the proxy statement/prospectus, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: TradeUP Global Corporation, 437 Madison Avenue, 27th Floor, New York, New York 10022, (732) 910-9692.

Participants in the Solicitation

TradeUP Global and its directors and executive officers may be deemed participants in the solicitation of proxies from TradeUP Global’s shareholders with respect to the proposed business combination. A list of the names of those directors and executive officers and a description of their interests in TradeUP Global is contained in TradeUP Global’s final prospectus filed with the SEC on April 30, 2021, and is available free of charge at the SEC’s web site at sec.gov, or by directing a request to TradeUP Global Corporation, 437 Madison Avenue, 27th Floor, New York, New York 10022, (732) 910-9692. Additional information regarding the interests of such participants is included in the definitive proxy statement/prospectus.

SAITECH and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of TradeUP Global in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination is included in the definitive proxy statement/prospectus.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of TradeUP Global or SAITECH, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Media Contact
Zoya Ji
zoyaj@sai.tech

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