PowerUp Acquisition, a blank check company targeting media and entertainment businesses, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company originally planned to offer 22.5 million units before increasing the offering on Monday.
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 plans to list on the Nasdaq under the symbol PWUPU. Citi acted as sole bookrunner on the deal.
