PowerUp Acquisition said it filed an S-4 with the SEC, outlining its deal with Visiox Pharmaceuticals. The target is a commercial-stage biopharmaceutical company.
If the deal closes, renamed Visiox Holdings will list stock and warrants on the Nasdaq under the ticker symbols VSXP and VSXPW.
The prospectus covers 25,991,229 shares of New Visiox stock and 14,375,000 public warrants to purchase New Visiox stock. PowerUp in the filing noted that it also trying secure PIPE financing, which it hopes to close in the first quarter.
Redemptions of nearly 94% left PowerUp with about $19 million in trust ahead of an extension vote last 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 last summer 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. Read more.
