PowerUp Acquisition Corp. Announces Closing of $287,500,000 Initial Public Offering Including Full Exercise of Over-Allotment Option
24 2월 2022 - 6:01AM
Business Wire
PowerUp Acquisition Corp. (the “Company”), a newly incorporated
blank check company, announced today the closing of its initial
public offering of 28,750,000 units, including 3,750,000 units
issued pursuant to the full exercise by the underwriters of their
over-allotment option. The offering was priced at $10.00 per unit,
resulting in gross proceeds of $287,500,000.
The Company’s units commenced trading on the Nasdaq Global
Market (“Nasdaq”) under the ticker symbol “PWUPU” on February 18,
2022.
The Company is a blank check company formed for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses. The focus of the team is to identify and
acquire a business within the interactive media, digital media,
sports, entertainment, and/or leisure, with a particular focus on
video gaming, gaming adjacent, and new metaverse video gaming
businesses. The management team is led by Bruce Hack, Jack Tretton,
Michael Olson and Gabriel Schillinger. Mike Vorhaus serves as
senior advisor.
Each unit consists of one Class A ordinary share and one-half of
one warrant. Each whole warrant entitles the holder thereof to
purchase one Class A ordinary share at a price of $11.50 per share.
Once the securities comprising the units begin separate trading,
the Class A ordinary shares and redeemable warrants are expected to
be listed on Nasdaq under the symbols “PWUP” and “PWUPW,”
respectively.
Citigroup Global Markets Inc. is acting as sole book-running
manager for the offering and Odeon Capital Group, LLC is acting as
co-manager of the offering.
Of the proceeds received from the consummation of the offering
and a simultaneous private placement of units, $294,687,500 (or
$10.25 per unit) was placed in the Company’s trust account. An
audited balance sheet of the Company as of February 23, 2022,
reflecting receipt of the proceeds upon consummation of the
offering and the private placement will be included as an exhibit
to a Current Report on Form 8-K to be filed by the Company with the
Securities and Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus, copies of
which may be obtained from Citigroup Global Markets Inc.,
Attention: Prospectus Department, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by
telephone at (800) 831-9146.
The registration statement relating to these securities became
effective on February 17, 2022. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
proposed initial public offering, the closing of such offering and
the anticipated use of the net proceeds. No assurance can be given
that the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and preliminary prospectus for the Company’s offering
filed with the U.S. Securities and Exchange Commission (the “SEC”).
Copies of these documents are available on the SEC’s website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220223006273/en/
Investor Contact: Gabriel Schillinger President, PowerUp
Acquisition Corporation (347) 313-8109 Email: gs@powerupacq.com
PR Contact Tom Ohle Evolve PR Inc. (778) 677-6342 Email:
tom@evolve-pr.com
PowerUp Acquisition (NASDAQ:PWUPU)
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PowerUp Acquisition (NASDAQ:PWUPU)
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