Sidley is representing TradeUP Global Corporation, a publicly traded special purpose acquisition company, in its pending business combination with SAITECH Limited, a Eurasia-based energy-saving, bitcoin-mining operator that engages in the hosting of bitcoin mining machines for its clients. The transaction values SAITECH at a US$228 million equity valuation. Upon closing, SAITECH will become a publicly traded company and its common stock is expected to trade on the Nasdaq under the ticker symbol “SAI.” TradeUP Global will change its name to SAI.TECH Global Corporation.
The Sidley team was led by partner David Buck with support from associates Kayleigh McNelis, Tanner Groce, Jack Messer, and Femi Aborisade. The team also included partners Jinfei Zhang (Global Finance), Angela Richards (Tax), Corey Perry (ERISA), and Karen Kazmerzak (Antitrust/Competition), as well as counsel Elizabeth Chen (Antitrust/Competition). Partner Lilya Tessler and associate Daniel Engoren provided advice on FinTech and Blockchain issues.