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confidence high
sentiment positive
materiality 0.60
PowerUp enters non-redemption pact; up to 450K shares held, sponsor to transfer shares to preserve trust
Aspire Biopharma Holdings, Inc.
- Non-redemption agreement with unaffiliated shareholder for up to 450,000 Public Shares at the May 22, 2024 extraordinary general meeting to approve extension.
- Sponsor will transfer 25,000 Founder Shares and 25,000 New Issued Shares (to be issued at business combination close) for each 150,000 non-redeemed shares.
- Agreement aims to increase funds remaining in trust account; extension would push business combination deadline to February 17, 2025.
- Transfer of shares conditioned on approval of extension at meeting and consummation of initial business combination.
- Investor waives redemption rights on the specified shares and agrees not to redeem them in connection with the extension.