TradeUP (UPTD) Stock is Up: What's Going On?

TradeUP Acquisition Corp UPTD shares are trading higher Thursday. The company has entered into subscription agreements in connection with the closing of its proposed business combination transactions, according to an SEC filing. 

What To Know:

According to the SEC filing, TradeUP entered into subscription agreements with Lianhe World Limited and Plentiful Limited in connection with the closing of its planned business combination transaction with Estrella Biopharma, Inc. 

Lianhe World Limited and Plentiful Limited will each purchase $5,000,000 in shares of the combined company priced at $10 per share. 

The filing also stated that the combined company's first day of trading is anticipated in October 2023. 

Shares of UPTD are moving higher on heavy trading volume. According to data from Benzinga Pro, more than 2.25 million shares have already been traded in the session, compared to the stock's 100-day average of just over 348 thousand shares.

UpTrade could be considered as a possible short-squeeze candidate due to the stock's high short-interest and low float of less than 900 thousand shares.

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UPTD Price Action: According to Benzinga Pro, TradeUP shares are up 42% at $17.15 at the time of publication.

Image: fietzfotos from Pixabay