PowerUp Acquisition Corp. announced that it has entered into an agreement for a private placement of 6,986,667 pre-paid warrants at a price of $1.5 per warrant for gross proceeds of $10,480,000 with PowerUp Sponsor LLC on December 30, 2021. The company will issue 7,774,167 warrants if the underwriters' over-allotment option is exercised in full.

Each warrant is exercisable at $11.5 per class A share, subject to adjustments. The transaction will close concurrently with public offering. The private placement warrants will be non-redeemable.

The warrants will not be transferable, assignable or salable until 30 days after the completion of our initial business combination.