PowerUp Acquisition, a blank check company targeting media and entertainment businesses, raised the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $250 million by offering 25 million units at $10. The company had previously filed to offer 22.5 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The initial trust will now be overfunded at $10.25 per unit, up from $10.15 in the previous filing. At the revised deal size, PowerUp Acquisition will raise 11% more in proceeds than previously anticipated.
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. 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.
PowerUp Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol PWUPU. Citi is the sole bookrunner on the deal.
