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NEW YORK CITY - Aspire Biopharma, Inc., a pharmaceutical company specializing in drug delivery technology, has completed its merger with PowerUp Acquisition Corp., a special purpose acquisition company. The merger, which was approved by PowerUp stockholders on January 31, 2025, officially closed on February 17, 2025. As of February 20, 2025, Aspire Biopharma’s common stock and warrants will trade on the Nasdaq Global Market and Nasdaq Capital Market under the ticker symbols "ASBP" and "ASBPW," respectively. PowerUp’s shares, which currently trade at $9.24, have experienced significant volatility, with a 26% decline in the past week. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value model.
This business combination is anticipated to enhance Aspire Biopharma’s access to capital markets, allowing the company to expand its product development, forge strategic partnerships, and advance its fast-absorbing aspirin, which is believed to be a strong candidate for expedited FDA approval. With a current market capitalization of $71.75 million, the company faces financial challenges, including negative earnings of -$0.44 per share and a weak current ratio of 0.01. InvestingPro subscribers have access to 8 additional key insights about the company’s financial health and growth prospects.
The agreement between Aspire Biopharma and PowerUp was first announced on September 23, 2024. As part of the merger terms, Aspire’s sponsors and certain equity holders, officers, and directors have entered into a lockup agreement, which is expected to provide stability to the combined entity’s leadership.
Legal counsel for the transaction was provided by Dykema Gossett, PLLC for PowerUp Acquisition Corp. and Sichenzia Ross Ference Carmel LLP for Aspire Biopharma, Inc.
Aspire Biopharma, headquartered in Humacao, Puerto Rico, has developed a disruptive technology aimed at addressing emergency situations and improving drug efficacy, dosage management, and response time. PowerUp Acquisition Corp., led by CEO Surendra Ajjarapu, was formed to facilitate mergers and acquisitions in various sectors.
The forward-looking statements in this announcement, which include projections about the combined company’s future operations and the potential benefits of the business combination, are subject to various risks, uncertainties, and assumptions. These statements are not guarantees of future performance and could differ materially from current expectations, particularly given the company’s current financial metrics, including negative free cash flow of -$2.98 million and a concerning Altman Z-Score of -2.15, indicating potential financial distress. Discover comprehensive financial analysis and real-time alerts with InvestingPro.
This article is based on a press release statement and does not constitute an endorsement of Aspire Biopharma, Inc. or PowerUp Acquisition Corp. Investors are advised to review the detailed description of the transaction in the definitive proxy statement/prospectus filed with the U.S. Securities and Exchange Commission.
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