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Aspire Biopharma Holdings, Inc. (the "Company"), currently trading at $0.42 with a market capitalization of $21.86 million, has reached an agreement with Cobra Alternative Capital Strategies LLC and Blackstone (NYSE:BX) Capital Advisors, Inc., along with their affiliates, to resolve issues surrounding notices of default and to amend terms of existing loan agreements. According to InvestingPro data, the company’s current ratio of 0.19 indicates significant liquidity challenges. This settlement, finalized on April 24, 2025, withdraws all previous notices of default and considers any alleged defaults as cured.
The agreement extends the maturity dates of certain promissory notes, with the earliest date now August 15, 2025, and others to September 10, 2025. In addition, the Company will issue 625,000 shares of common stock to Blackstone Capital Advisors, Inc. and will file a registration statement for these shares by May 13, 2025. Furthermore, lock-up restrictions on shares held by the involved lenders will be lifted, allowing transfer to the Direct Registration System.
The lenders have agreed to lock-up/leak-out agreements that limit the sale of Company shares until August 20, 2025, based on the Company’s daily trading volume. This strategic move is expected to provide Aspire Biopharma with greater operational and financial flexibility in the upcoming months.
The details of the agreement are outlined in Exhibit 10.1 attached to the Company’s SEC filing. The information in this article is based on a press release statement. InvestingPro subscribers have access to 11 additional key insights about Aspire Biopharma, including detailed financial health metrics and valuation analysis.
In other recent news, Aspire Biopharma Holdings, Inc. announced significant developments across various fronts. The company has commenced production of a new pre-workout supplement utilizing its patent-pending sublingual delivery technology, with plans for consumer and safety testing in 2025. Aspire Biopharma also advanced its patent applications for a novel aspirin formulation, aiming for rapid absorption and enhanced efficacy, with a pre-IND meeting with the FDA expected in the second quarter of 2025. Additionally, the company is preparing to enter Phase 1 clinical trials for its high-dose sublingual aspirin product, following a successful feasibility study conducted by Glatt Air Techniques, Inc.
Aspire Biopharma’s recent merger with PowerUp Acquisition Corp. has been finalized, allowing the company to begin trading on the Nasdaq Global Market. This merger is anticipated to improve Aspire’s access to capital markets and support further product development. The company has expressed intentions to seek expedited FDA approval for its fast-absorbing aspirin, which could offer immediate treatment effects in emergency cardiac care. Aspire Biopharma’s forward-looking statements indicate a busy year ahead, with multiple products set to reach various stages of development and approval processes.
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