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Completed · 29 Sept 2023UPTDU · NasdaqCIK 1844417Sponsor at IPO: TradeUP Acquisition Sponsor LLC

TradeUP Acquisition Corp.

Now Estrella Immunopharma, Inc. · Name history

$45.2MTrust raised at IPO · 6% of public shares left after its last counted vote

Merged with Estrella Immunopharma, Inc. (ESLA) · Healthcare and life sciences

  1. IPO14 Jul 2021
  2. Searching18 months
  3. Deal announcedAgreement signed
  4. Closed29 Sept 2023

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 100% of 2021’s SPAC IPOs.

    $44.3M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    $10.20 in trust per unit, above the 2021 median.

    The median that year was $10.00. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    94% of public shares redeemed across 3 votes.

    2 extension votes and the merger vote, counted from the SPAC’s 8-Ks. 6% of the public shares remained after the last one.

  4. 04

    Closed its merger 27 months after its IPO.

    The combined company is Estrella Immunopharma, Inc. (ESLA). Sector: Healthcare and life sciences.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
14 Jul 2021
IPO closed
19 Jul 2021
Raised
$44.3M
Units sold
4,430,0001
Trust raised
$45.2M
Trust per unit
$10.202
Unit
1 sh + ½ warrant3
Months to complete
184
Deadline before extensions
19 Jan 2023
Over-allotment
Exercised in part

Each unit: “one share of common stock and one-half of one redeemable warrant”

Name history

The same company under every name it has filed with the SEC, tracked by its CIK, 1844417. This page keeps its IPO name; the others lead here.

  1. TradeUP Acquisition Corp.At IPO19 Feb 2021 – 20 Sept 2023
  2. Estrella Immunopharma, Inc.Now20 Sept 2023 – today

Dates are those EDGAR records for each name, as of 16 October 2026. A name change follows a shareholder vote or a merger’s closing, and is reported in an 8-K.

How it compares

TradeUP Acquisition Corp. against the 610 SPACs that priced in 2021.

Raised
$44.3M
100% of 2021 SPACs are above it
2021 median: $239M
Trust per unit
$10.20
83% of 2021 SPACs are below it
2021 median: $10.00
Months to complete
18
56% of 2021 SPACs are above it
2021 median: 24
Redeemed across its votes
94%
53% of 2021 SPACs are above it
2021 median: 94%

Trust and redemptions

  1. Extension vote · 22 Dec 20223,519,780 of 4,430,000 redeemed (79%)
  2. Extension vote · 17 Jul 2023161,566 of 910,220 redeemed (18%)
  3. Merger vote · 31 Jul 2023467,122 of 748,654 redeemed (62%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Bookrunners

Underwriters’ counsel

Sponsor

No other SPAC from TradeUP Acquisition Sponsor LLC or a vehicle of the same name priced since 1 January 2019.

Peers

Other 2021 SPAC IPOs with EF Hutton as bookrunner.

SPACIPORaisedUnitStatus
Aetherium Acquisition Corp29 Dec 2021$115M1 sh + 1 warrantSearching
Arogo Capital Acquisition Corp.23 Dec 2021$104M1 sh + 1 warrantDeal announced
Sagaliam Acquisition Corp20 Dec 2021$115M1 sh + 1 right (1/8)Completed
BurTech Acquisition Corp.10 Dec 2021$288M1 sh + 1 warrantCompleted
Inception Growth Acquisition Ltd8 Dec 2021$104M1 sh + ½ warrant + 1 right (1/10)Deal announced

Sources

  1. PFinal prospectus: 0001104659-21-093283
  2. 1Units sold: 0001104659-21-112926holders of the Units (the “Units”) sold in the Company's initial public offering (“IPO”) and the over-allotment of 4,430,000 Units may elect to separately trade
  3. 2Trust per unit: 0001104659-21-093283Of the net proceeds of this offering and the sale of the private shares, $40,800,000, or $10.20 per unit ($46,920,000, or $10.20 per unit, if the underwriters’ over-allotment option is exercised in full) will be placed into a U.S.-based trust account
  4. 3Unit composition: 0001104659-21-093283Each unit has an offering price of $10.00 and consists of one share of our common stock and one-half of one redeemable warrant.
  5. 4Months to complete: 0001104659-21-093283If we are unable to complete our business combination within 18 months, we will redeem 100% of the public shares at a per-share price, payable in cash

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.