PowerUp Acquisition in an 8-K said today’s shareholder meeting to vote on a 9-month extension plan has been postponed until tomorrow. The meeting was originally scheduled for May 17.
The SPAC and its sponsor, SRIRAMA Associates, said they are entering into non-redemption agreements with unaffiliated third-party shareholders covering an unspecified number of shares. Terms of the agreement call for the participating investors to receive 50,000 sponsor-controlled shares for every 150,000 shares they do not redeem.
PowerUp has a merger deal with Visiox Pharmaceuticals.
Redemptions of nearly 94% left the SPAC with about $19 million in trust ahead of an extension vote a year ago. The SPAC had raised $287.5 million in a February 2022 IPO.
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.
