Visiox Pharmaceuticals and PowerUp Acquisition today announced a definitive agreement for a business combination, which is expected to close in the first quarter of 2024 pending approvals.
If the deal closes, renamed Visiox Holdings will list stock and warrants on the Nasdaq under the ticker symbols VSXP and VSXPW.
Financing details were non-existent in the press release announcing the deal and the SPAC has yet to file any transaction information with the SEC.
Redemptions of nearly 94% left PowerUp with about $19 million in trust ahead of an extension vote in May. The SPAC had raised $287.5 million in a February 2022 IPO.
The SPAC has a May 2024 deadline to complete a deal.
PowerUp in July sold its sponsor stake to SRIRAMA Associates.
Visiox’s pipeline of an FDA Approved drug candidate, and other late-stage clinical drug candidates, includes treatments for patients with ocular hypertension, open angle glaucoma, and post-surgical inflammation and pain.
Dykema Gossett serves as legal counsel to PowerUp and Nelson Mullins Riley & Scarborough is legal counsel to Visiox. Read more.
