PowerUp Acquisition in an 8-K said shareholders approved extending the SPAC’s runway to February 2025 as it works to complete a deal with Visiox Pharmaceuticals.
Ahead of the vote, the SPAC and its sponsor, SRIRAMA Associates, secured 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.
The SPAC said 1,226,085 shares were redeemed.
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.
