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PowerUp Acquisition Corp. (NASDAQ:PWUP), a special purpose acquisition company currently valued at $88.29 million, has announced the successful approval of its merger with Aspire Biopharma, Inc., a pharmaceutical company, at an extraordinary general meeting of shareholders held on Monday. According to InvestingPro data, PWUP shares have shown remarkable momentum with a 21% gain over the past week. The merger, which is expected to close by February 17, 2025, received overwhelming support with approximately 92.8% of the issued and outstanding Class A ordinary shares present or represented by proxy at the meeting.
The approval paves the way for the combined entity to be named Aspire Biopharma Holdings, Inc., with the expectation of trading on the Nasdaq Stock Market LLC under the new ticker symbols "ASBP" for common stock and "ASBPW" for public warrants. The stock currently trades at $12.61, and InvestingPro analysis indicates the shares are slightly overvalued at current levels. Subscribers can access 5 additional ProTips and comprehensive financial metrics to better evaluate this merger opportunity. In connection with the merger, shareholders voted on several related proposals, including the increase of authorized share capital, director removal policies, bylaw amendments, and the election of directors to serve staggered terms.
Additionally, shareholders approved a domestication proposal to transfer PowerUp by way of continuation to Delaware and to change the company’s name post-merger. Furthermore, the adoption of the Aspire Biopharma Holdings, Inc. 2024 Omnibus Incentive Plan was approved, aimed at providing incentives for employees and directors.
In the lead-up to the meeting, 507,631 Class A ordinary shares were validly elected for redemption, resulting in approximately $5,802,222.33 being removed from the company’s trust account to pay those shareholders, equating to $11.43 per share.
The merger is subject to the satisfaction or waiver of certain closing conditions as described in the proxy statement/prospectus filed with the SEC. This transformative event for PowerUp Acquisition Corp. is based on a press release statement and is expected to significantly impact the company’s future operations and market positioning. InvestingPro data reveals the company currently maintains a weak financial health score, with short-term obligations exceeding liquid assets, highlighting the importance of this strategic merger for its future prospects.
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