Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Seeking Alpha 2021-09-28 14:32:02

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

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.