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PowerUp Acquisition Corp. Unit (PWUPU+13.21%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial activities, including a net loss of $537,019 for the three months ended September 30, 2024, compared to a net loss of $69,258 for the same period in 2023.
Operating expenses for the three months ended September 30, 2024, were $630,772, while interest earned on investments held in the Trust Account amounted to $76,746.
For the nine months ended September 30, 2024, the company reported a net loss of $3,606,378, compared to a net income of $4,614,992 for the same period in 2023.
PowerUp Acquisition Corp. Unit had $6,601,357 in its Trust Account as of September 30, 2024, which is designated for a Business Combination or to repurchase or redeem its Class A ordinary shares.
The company has until February 17, 2025, to consummate an initial Business Combination, with the possibility of an Extension Period if approved by shareholders.
The filing also discusses related party transactions, including loans from the New Sponsor and agreements related to the company's administrative services.
PowerUp Acquisition Corp. Unit continues to focus on identifying and evaluating prospective acquisition candidates, performing due diligence, and negotiating potential Business Combinations.
The company acknowledges the existence of a material weakness in its internal controls over financial reporting related to debt discount and amortization.
The filing includes a discussion of the company's liquidity, indicating a working capital deficit of $6,511,072 as of September 30, 2024, and highlights the need for additional capital to continue operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PowerUp Acquisition Corp. Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.