Estrella Biopharma, Inc. Closes Business Combination with TradeUp Acquisition Corp.

Winston & Strawn represented Estrella Immunopharma, Inc., formerly known as TradeUP Acquisition Corp., in connection with the closing of its business combination with Estrella Biopharma, Inc., a preclinical-stage biopharmaceutical company developing T-cell therapies with the capacity to address treatment challenges for patients with blood cancers and solid tumors. The combined company's common stock and warrants began trading on NASDAQ under the symbols "ESLA” and "ESLAW”, on October 2, 2023. 

Immediately prior to completion of the business combination, Estrella closed its Series A preferred stock financings with gross proceeds of $9.75 million and a short-term debt financing with gross proceeds of $30 million. Additionally, in conjunction with closing of the business combination, UPTD closed the previously announced private placement of UPTD common stock with gross proceeds of $10 million. Together, the business combination and the transaction financings provided the combined entity approximately $23.11 million available cash, after giving effect to UPTD stockholder redemption and before payment of transaction and offering expenses.