PowerUp Acquisition Corp. (PWUP) Sells Sponsor Economics
by Nicholas Alan Clayton on 2023-07-19 at 7:12am

PowerUp (NASDAQ:PWUP) announced in an 8-K this morning that it has sold a large portion of its sponsor stake to SRIRAMA Associates in exchange for the investor taking on management responsibilities for the SPAC.

SRIRAMA is to receive 4,317,500 Class A shares and 6,834,333 private placement warrants (69% of total) for a total purchase price of $1. In exchange, it will assume all of the SPAC’s expenses and obligations and will have the right to replace its management team and Board.

It has not yet announced these personnel moves, but the new investor has plenty of time to consider them as well as the SPAC’s new strategy.

PowerUp has only $19 million left in its trust after seeing 93.7% redemptions at an April extension vote. But, that pushed its transaction deadline all the way to May 23, 2024, so there is time to work out the details.

Under its previous management, PowerUp had sought to combine with a digital media and entertainment business with a team specialized in the video game business.

Recent Posts
by Nicholas Alan Clayton on 2024-02-21 at 7:53am

At the SPAC of Dawn PHP Ventures (NASDAQ:PPHP) provided an update this morning on its combination with modular construction firm Modulex in the form of a refreshed investor presentation. The parties have been quiet on the news front since they announced the combination over a year ago in December 2022, but a few key facts...

by Nicholas Alan Clayton on 2024-02-21 at 6:19am

DT Cloud Acquisition Corporation (NASDAQ:DYCQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DYCQU” today, Wednesday, February 21, 2024. The new SPAC plans to focus its target search on a company that is under-performing due to a temporary dislocation in the...

by Nicholas Alan Clayton on 2024-02-20 at 2:58pm

SDCL EDGE (NYSE:SEDA) has entered into a definitive agreement to combine with copper alloy manufacturer cunova at an enterprise value of $736 million, or 9.4x its 2023E adjusted EBITDA. Osnabrück, Germany-based cunova manufactures copper casts, fittings and conductivity products for the industrial, defense and aerospace sectors. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2024-02-20 at 1:31pm

Deals and Funding Power & Digital (NASDAQ:XPDB) has secured a $10 million investment from Rice Investment Group into its combination with HVAC technology firm Montana under undisclosed terms. two (NYSE:TWOA) has secured a $15 million PIPE at $10 per share for its combination with LatAm Logistic Properties. News and Rumors PR: Adtech firm Banzai International...

by Nicholas Alan Clayton on 2024-02-20 at 10:29am

Acri Capital (NASDAQ:ACAC) has entered into a definitive agreement to combine with electronics manufacturer Foxx for $50 million in share compensation. Texas-based Foxx provides communication terminals and IoT services to the telecom sector as well as consumer electronics for retail buyers. The combined company is expected to trade on the Nasdaq once the deal is...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved