Ex-Sony Entertainment CEO-Led Gaming SPAC PowerUp Acquisition Prices Upsized US$250 Million IPO
Special purpose acquisition company PowerUp Acquisition Corp (Nasdaq: PWUPU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$250 million in its initial public offering.
The offering consists of 25.0 million company units, upsized from the previous size of 22.5 million units, priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “PWUPU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “PWUP” and “PWUPW”, respectively.
The proposed offering is being managed by Citigroup Global Markets as the sole bookrunner. The underwriters were granted a 45-day over-allotment option to purchase additional 3.75 million company units at the same IPO price.
The blank check company is led by its CEO Jack Tretton, the former CEO of Sony Computer Entertainment America, and its executive chairman Bruce Hack, former chairman of Technicolor SA. Drive by DraftKings co-founder Peter Blacklow also sits as one of the board members.
On its target businesses, the SPAC intends to search for firms “within the interactive media, digital media, sports, entertainment, and/or leisure, with a particular focus on video gaming, gaming adjacent, and new metaverse video gaming businesses.”
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
