PowerUp Acquisition, a blank check company targeting media and entertainment businesses, filed on Thursday with the SEC to raise up to $225 million in an initial public offering.
The company plans to raise $225 million by offering 22.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, PowerUp Acquisition would command a market value of $282 million.
PowerUp Acquisition is led by Executive Chairman Bruce Hack, the former CEO of Vivendi Games, and CEO and Director Jack Tretton, the former President and CEO of Sony Computer Entertainment America. They are joined by CFO Michael Olson, CFO of Version1.
The company plans to leverage management's experience to target businesses within the interactive media, digital media, sports, entertainment, and/or leisure sectors, with a particular focus on video gaming, gaming adjacent, and new metaverse video gaming businesses.
The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq under the symbol PWUPU. PowerUp Acquisition filed confidentially on March 16, 2021. Citi is the sole bookrunner on the deal.
