PowerUp Acquisition in an 8-K said it entered into a non-redemption agreement with an unaffiliated third party who will hold onto 150,000 Class A shares through an upcoming stockholder vote on whether to extend the SPAC's deadline until May 23, 2024. In return, the participating investors would receive 75,000 Class B shares.
PowerUp raised $287.5 million in its February 2022 ipo with plans to acquire a business within the interactive media, digital media, sports, entertainment or leisure sectors.
Executive Chairman Bruce Hack was director and later chairman of Technicolor SA from 2010 to 2019. Prior, he was a principal in the creation of activision blizzard. Read more.
Source: PowerUp Enters Non-Redemption Agreement for 150K Shares Ahead of Extension Vote