Energy saving bitcoin mining operator, SAITECH to go public through merger with TradeUP Global

SAITECH and SPAC, TradeUP Global (TUGC +1.8%) entered into a definitive business combination agreement thereby leading to the former becoming a publicly listed company on Nasdaq under the new symbol, "SAI". The transaction values the SAITECH at an equity value of $228M; current shareholders of SAITECH and management are rolling 100% of their equity into TradeUP Global and will continue to own ~80% of the outstanding shares on a pro forma basis post closure. SAITECH is a Eurasia-based energy saving bitcoin mining operator that engages in the hosting of bitcoin mining machines for its clients; also plans to commence bitcoin self-mining by 2021 end. SAITECH currently operates a 15MW power capacity mining operation, with another 90MW under construction that it expects will come on-line in Q4; planned expansion of an additional 200-300MW is expected to be deployed in 2022. For 1H21, SAITECH had revenues of ~$8M; proceeds expected to be used invest in growth initiatives