PowerUp Acquisition in an 8-K said it entered into a purchase agreement with SRIRAMA Associates, which will buy the SPAC's sponsor-controlled stock.
The deal involves 4,317,500 Class A Ordinary Shares and 6,834,333 private placement warrants for an aggregate purchase price of $1 payable at the time of a business combination. In return, SRIRAMA will assume all of the SPAC's expenses and obligations, and will have the right to replace the current management team and board. New executives have not been announced.
The transaction is expected to close by Aug. 18.
Redemptions of nearly 94% left PowerUp with about $19 million in trust ahead of an extension vote two months ago. The SPAC has a May 2024 deadline to complete a deal. Read more.