0001213900-22-030488 | F-1 | XBRL Viewer | Saitech Global Corp

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Notes to Financial Statements Private Placement Deferred Underwriters' Marketing Fees Notes Details Initial Public Offering (Details) - Schedule of ordinary shares reflected on the balance sheet Private Placement (Details) Deferred Underwriters' Marketing Fees (Details) Uncategorized Uncategorized Items - ff12022_saitechglobal_htm.xml All Reports

Label

Element

Value

UnderwritersDiscount

tugc_UnderwritersDiscount

$ (897,797)

UnderwritersDiscount

tugc_UnderwritersDiscount

(897,797)

UnderwritersDiscount

tugc_UnderwritersDiscount

UnderwritersDiscount

tugc_UnderwritersDiscount

UnderwritersDiscount

tugc_UnderwritersDiscount

UnderwritersDiscount

tugc_UnderwritersDiscount

UnitsIssuedDuringPeriodSharesNewIssues

tugc_UnitsIssuedDuringPeriodSharesNewIssues

4,000,000

UnitsIssuedDuringPeriodSharesNewIssues

tugc_UnitsIssuedDuringPeriodSharesNewIssues

488,986

UnitsIssuedDuringPeriodSharesNewIssues

tugc_UnitsIssuedDuringPeriodSharesNewIssues

4,000,000

UnitsIssuedDuringPeriodSharesNewIssues

tugc_UnitsIssuedDuringPeriodSharesNewIssues

488,986

UnitsIssuedDuringPeriodSharesNewIssues

tugc_UnitsIssuedDuringPeriodSharesNewIssues

4,488,986

PercentageOfConditionalTransferOfFounderShares

tugc_PercentageOfConditionalTransferOfFounderShares

50.00%

WorkingCapitalLoan

tugc_WorkingCapitalLoan

$ 130,000

tugc_workingDeficit

1,486,941

PaymentOfUnderwritersDiscount

tugc_PaymentOfUnderwritersDiscount

(897,797)

SaleOfStockOtherOfferingCosts

tugc_SaleOfStockOtherOfferingCosts

830,656

InterestToPayDissolutionExpenses

tugc_InterestToPayDissolutionExpenses

$ 100,000

NumberOfUnitsSold

tugc_NumberOfUnitsSold

4,488,986

NumberOfUnitsSold

tugc_NumberOfUnitsSold

4,488,986

ConvertedBasisOfStockPercentage

tugc_ConvertedBasisOfStockPercentage

20.00%

PublicSharesRedeemPercentage

tugc_PublicSharesRedeemPercentage

100.00%

AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

tugc_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

$ (1,571,145)

AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

tugc_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

(1,571,145)

AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

tugc_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

tugc_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

tugc_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

tugc_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsUnderwritersMarketingFees

WorkingCapitalLoanAmount

tugc_WorkingCapitalLoanAmount

$ 130,000

tugc_SponsorShares

9,780

PublicSharePerShares

tugc_PublicSharePerShares

$ 10

AdditionalPerShares

tugc_AdditionalPerShares

$ 10

ScheduleOfCalculationOfNetLossIncludingAccretionToRedemptionTableTextBlock

tugc_ScheduleOfCalculationOfNetLossIncludingAccretionToRedemptionTableTextBlock

		For the Period from January 26, 2021 (inception) through December 31, 2021
Net loss		$	(1,923,605	)
Accretion of carrying value to redemption value			(4,574,459	)
Net loss including accretion of carrying value to redemption value		$	(6,498,064	)

RedemptionOrLiquidation

tugc_RedemptionOrLiquidation

12 months

RedemptionOrLiquidation

tugc_RedemptionOrLiquidation

5 years

AmountOfAggregateValue

tugc_AmountOfAggregateValue

$ 188,000,000

StockTransferredToOthersDuringPeriodShares

tugc_StockTransferredToOthersDuringPeriodShares

60,000

CommonStockValue1

tugc_CommonStockValue1

$ 27

ChangeInValueOfOrdinarySharesSubjectToRedemption

tugc_ChangeInValueOfOrdinarySharesSubjectToRedemption

(449)

ChangeInValueOfOrdinarySharesSubjectToRedemption

tugc_ChangeInValueOfOrdinarySharesSubjectToRedemption

(43,624,293)

ChangeInValueOfOrdinarySharesSubjectToRedemption

tugc_ChangeInValueOfOrdinarySharesSubjectToRedemption

(43,624,742)

ChangeInValueOfOrdinarySharesSubjectToRedemption

tugc_ChangeInValueOfOrdinarySharesSubjectToRedemption

ChangeInValueOfOrdinarySharesSubjectToRedemption

tugc_ChangeInValueOfOrdinarySharesSubjectToRedemption

ChangeInValueOfOrdinarySharesSubjectToRedemption

tugc_ChangeInValueOfOrdinarySharesSubjectToRedemption

ProceedsFromIssuanceOfPromissoryNoteToRelatedParty

tugc_ProceedsFromIssuanceOfPromissoryNoteToRelatedParty

220,000

GeneratingTotalProceeds

tugc_GeneratingTotalProceeds

$ 97,800

WarrantsForRedemptionDescription

tugc_WarrantsForRedemptionDescription

• in whole and not in part;• at a price of $0.01 per warrant;• upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and• if, and only if, closing price of the Class A ordinary shares equals or exceeds $16.50 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company send the notice of redemption to the warrant holders.

UnderwritingDiscountPercentage

tugc_UnderwritingDiscountPercentage

2.00%

TransactionExpenses

tugc_TransactionExpenses

$ 4,500,000

EmergingGrowthCompanyStatusPolicyTextBlock

tugc_EmergingGrowthCompanyStatusPolicyTextBlock

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, (the “JOBS Act”), As an emerging growth company, the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public

companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

tugc_AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

$ 3,309,341

AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

tugc_AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

3,309,341

AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

tugc_AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

tugc_AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

tugc_AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

tugc_AllocationOfOfferingCostsToOrdinarySharesSubjectToRedemption

BusinessCombinationAgreement

tugc_BusinessCombinationAgreement

(i) the approval of the Business Combination Agreement by the shareholders of TradeUP, (ii) TradeUP having an aggregate cash amount of at least $17.5 million available at Closing in TradeUP’s trust account after giving effect to the redemptions of any shares of Purchaser Class A Shares for holders that timely exercise and do not waive their redemptions rights in respect of the transaction, but before giving effect to the consummation of the closing and the payment of any outstanding TradeUP transaction expenses, SAITECH transaction expenses and indebtedness permitted under the Business Combination Agreement (which may be waived by SAITECH), (iii) TradeUP having at least $5,000,001 of net tangible assets after giving effect to redemptions, (iv) the expiration or termination of the waiting period (or any extension thereof) applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the rules and regulations promulgated thereunder (the “HSR Act”), (v) no evidence that TradeUP does not qualify as a “foreign private issuer” under the Exchange Act, and (vi) SAITECH having at least $1.0 million of net cash (i.e., cash less indebtedness) at Closing.

SaleOfOptionUnits

tugc_SaleOfOptionUnits

897,797

OrdinarySharesSubjectToPossibleRedemption

tugc_OrdinarySharesSubjectToPossibleRedemption

4,488,986

WarrantExpireTerm

tugc_WarrantExpireTerm

5 years

OfferingCostsPolicyTextBlock

tugc_OfferingCostsPolicyTextBlock

Offering Costs

Offering costs consist of underwriting, legal, accounting and other expenses that are directly related to the Initial Public Offering and charged to shareholders’ equity upon the completion of the Initial Public Offering.

FairValueOfWarrantPerUnit

tugc_FairValueOfWarrantPerUnit

$ 0.58

SharesForfeited

tugc_SharesForfeited

27,753

tugc_PricePerShares

$ 10

SharesExceedsPerShare

tugc_SharesExceedsPerShare

14

SharesExceedsPerShare

tugc_SharesExceedsPerShare

$ 17.5

SaleOfPrivatePlacementShares

tugc_SaleOfPrivatePlacementShares

$ 22

SaleOfPrivatePlacementShares

tugc_SaleOfPrivatePlacementShares

2,247,778

SaleOfPrivatePlacementShares

tugc_SaleOfPrivatePlacementShares

2,247,800

SaleOfPrivatePlacementShares

tugc_SaleOfPrivatePlacementShares

SaleOfPrivatePlacementShares

tugc_SaleOfPrivatePlacementShares

SaleOfPrivatePlacementShares

tugc_SaleOfPrivatePlacementShares

ExercisableWarrants

tugc_ExercisableWarrants

30 days

SaleOfPrivatePlacementSharesinShares

tugc_SaleOfPrivatePlacementSharesinShares

224,780

AggregateAmount

tugc_AggregateAmount

$ 44,889,860

WarrantsPolicyTextBlock

tugc_WarrantsPolicyTextBlock

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant

to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. (See Note 9)

TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationStockPriceTrigger

tugc_TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationStockPriceTrigger

$ 12.5

PublicUnitShares

tugc_PublicUnitShares

$ 10

TransactionCosts

tugc_TransactionCosts

$ 3,030,656

PercentageOfOutstandingVotingSecurities

tugc_PercentageOfOutstandingVotingSecurities

50.00%

FounderSharesMayNotBeTransferredAssignedOrSoldUntilSixMonthsAfterDateOfConsummationOfOurInitialBusinessCombination

tugc_FounderSharesMayNotBeTransferredAssignedOrSoldUntilSixMonthsAfterDateOfConsummationOfOurInitialBusinessCombination

50.00%

StockIssuedDuringPeriodSharesNumberOfSharesTransferred

tugc_StockIssuedDuringPeriodSharesNumberOfSharesTransferred

60,000

FederalDepositInsuranceCorporation

tugc_FederalDepositInsuranceCorporation

$ 0

OfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBOrdinaryShares

tugc_OfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBOrdinaryShares

$ 25,000

BusinessCombinationPercentage

tugc_BusinessCombinationPercentage

100.00%

DeferredUnderwritingCompensation

tugc_DeferredUnderwritingCompensation

$ 1,571,145

ConvertibleLoans

tugc_ConvertibleLoans

1,200,000

SaleOfStockUnderwritingFees

tugc_SaleOfStockUnderwritingFees

800,000

TrustAccountTotal

tugc_TrustAccountTotal

$ 44,889,860

BusinessCombinationFairMarketValuePercentage

tugc_BusinessCombinationFairMarketValuePercentage

80.00%

DeferredOfferingCostsNoncurrent

tugc_DeferredOfferingCostsNoncurrent

$ 1,400,000

BusinessCombinationMarketingAgreementMember

PercentageOfCashFeeRelatedToBusinessCombination

tugc_PercentageOfCashFeeRelatedToBusinessCombination

3.50%