TradeUP Acquisition Shares Rise 11% After Completing Merger

Dow Jones2023-09-30

By Ben Glickman

Shares of TradeUP Acquisition Corp. rose Friday after the company completed a business combination with Estrella Biopharma.

The stock was up 11% to $11.05 in midday trading. Shares have risen 7.1% this year.

The special-purpose acquisition company said Friday that it had completed a previously-announced merger with Estrella, a company developing therapies to treat blood cancers and solid tumors.

The combined company, which is now known as Estrella Immunopharma, will begin trading on the Nasdaq under the ticker ESLA starting Oct. 2.

TradeUP completed a private placement of shares with proceeds of $10 million directly before the merger closed, and Estrella closed its Series A preferred stock financings with proceeds of $9.75 million.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

September 29, 2023 12:25 ET (16:25 GMT)

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