Joby Aviation closes $591 million stock offering with full underwriter option
Aspire Biopharma Holdings, Inc. (NASDAQ:ASBP), a micro-cap biotech company with a market capitalization of $18.7 million, reported the completion of a $1 million funding tranche and announced a change in its independent registered public accounting firm, according to a statement released in a recent SEC filing. InvestingPro data shows the company faces significant financial challenges, with a weak overall Financial Health Score.
The company disclosed that, as part of a previously announced Securities Purchase Agreement, it received $1 million in funding from investors on Monday. This follows an earlier tranche of $4,709,677 funded on August 19, 2025, bringing the total funding received under the agreement to $5,709,677 out of a total subscription price of $7,750,000 for notes with an aggregate principal amount of $9,687,500. According to InvestingPro analysis, this funding is crucial as the company’s current ratio stands at just 0.09, indicating significant liquidity constraints with short-term obligations exceeding liquid assets.
In addition, Aspire Biopharma’s Audit Committee dismissed Bush & Associates CPA as its independent registered public accounting firm on Monday. The report from Bush & Associates on Aspire Biopharma’s consolidated financial statements as of December 31, 2024, did not include an adverse opinion or disclaimer of opinion. The report was not qualified or modified as to uncertainty, audit scope, or accounting principles, except for an explanatory paragraph expressing substantial doubt about the company’s ability to continue as a going concern.
The company stated there were no disagreements with Bush & Associates on accounting principles, financial statement disclosure, or auditing scope during the relevant periods. Aspire Biopharma also disclosed material weaknesses in its internal control over financial reporting as of December 31, 2024, but management believes its financial statements were prepared in accordance with US generally accepted accounting principles.
The Audit Committee approved the appointment of Turner Stone & Co as the new independent registered public accounting firm, effective Monday, for the fiscal year ending December 31, 2025. The company reported that it did not consult with Turner Stone & Co on any accounting or auditing matters prior to the appointment.
This information is based on a press release statement contained in the company’s recent SEC filing. Shares of Aspire Biopharma Holdings, Inc. are listed on the Nasdaq Stock Market under the ticker ASBP, and its warrants under ASBPW.
In other recent news, Aspire Biopharma Holdings, Inc. announced significant results from its clinical trials for a sublingual aspirin formulation. The trial showed that this formulation significantly inhibited serum thromboxane B2, a biomarker for blood clot formation, in just two minutes, acting approximately twice as fast as the currently recommended chewed aspirin tablets. This advancement could be crucial during suspected heart attacks. Additionally, Aspire Biopharma has entered into a Securities Purchase Agreement with investors, selling notes with a principal amount of $9.7 million for a subscription price of $7.75 million. These notes are convertible into common stock and carry a 20% original issue discount. In other developments, the company has launched an e-commerce platform, buzzbomb.buzz, for its sublingual pre-workout supplement, BUZZ BOMB, which delivers 50mg of caffeine. Aspire Biopharma plans to introduce this supplement at FitCon and FitExpo in early August. These recent developments highlight Aspire Biopharma’s ongoing efforts to innovate and expand its product offerings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.