ShoulderUP Technology Acquisition Corp.: directors' dealings · United States · SEC (Form 4)

About ShoulderUP Technology Acquisition Corp.

ShoulderUp Technology Acquisition Corp. is a U.S.-based special purpose acquisition company (SPAC) incorporated in Delaware on May 20, 2021. Its legacy business model was not that of a conventional operating technology company; instead, it was formed to identify and complete a merger, share exchange, asset acquisition, stock purchase, recapitalization, or similar business combination with a private company. In the SPAC structure, proceeds from the IPO were placed into a trust account and held for the eventual transaction. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1885461/000121390025040339/ea0238623-10k_shoulderup.htm?utm_source=openai)) From a public-market perspective, ShoulderUp was listed in the United States on the NASDAQ/NYSE ecosystem as a SPAC vehicle, and its major strategic development was the business combination with SEE ID, Inc. The definitive business combination agreement was announced on March 18, 2024. The SEC record then shows that shareholders approved the transaction at a special meeting on February 6, 2025, and that the business combination closed on June 18, 2025. That sequence is important because it indicates that the company moved from a capital-markets shell into a post-combination structure tied to the operating business. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1885461/000121390024025181/ea020154101ex2-1_shoulderup.htm?utm_source=openai)) For investors, ShoulderUp should be assessed differently from a normal listed industrial or software name. Its competitive position was primarily defined by the quality of its deal sourcing, its ability to structure and complete a credible transaction, and its capacity to align sponsor, public shareholders, and PIPE or non-redemption investors. SEC filings also reference non-redemption agreements and founder-share forfeiture mechanics, which are common tools used by SPACs to reduce redemptions and preserve cash for closing. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1885461/000121390025034187/ea023896101ex10-1_shoulder.htm?utm_source=openai)) In terms of business lines, the pre-closing activity was essentially limited to SPAC formation and transaction execution. After closing, the economic profile is driven more by the combined company than by the SPAC wrapper itself. In other words, ShoulderUp’s historic “products” were capital-market structuring, deal execution, and public-company access, rather than end-customer goods or services. The relevant operating exposure therefore depends on SEE ID’s business following the merger, while ShoulderUp’s own corporate history is best understood as a transition vehicle. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1885461/000121390024025181/ea020154101ex2-1_shoulderup.htm?utm_source=openai)) Geographically, the company is anchored in the United States, and its reporting, governance, and insider-transaction disclosures are governed by SEC rules. The most material recent milestones were the March 2024 merger agreement, the February 2025 shareholder approval, and the June 2025 closing. For French, Belgian, and Swiss investors reviewing Form 4 insider activity, the key analytical point is that the issuer’s profile changed materially during 2025, so any valuation or governance read-through should be interpreted in light of that de-SPAC transition. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1885461/000121390024025181/ea020154101ex2-1_shoulderup.htm?utm_source=openai))