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Powerup Acquisition Corp.(PWUPU) - 2022 Q3 - Quarterly Report
PWUPUPowerup Acquisition Corp.(PWUPU)2022-11-10 22:07

Financial Performance - As of September 30, 2022, the Company reported a net income of 1,077,216forthethreemonthsand1,077,216 for the three months and 1,110,084 for the nine months, driven by interest income of 1,332,473and1,332,473 and 1,772,399 respectively[100]. - For the nine months ended September 30, 2022, net cash used in operating activities was 1,372,916,whilenetcashprovidedbyfinancingactivitieswas1,372,916, while net cash provided by financing activities was 296,593,545, primarily reflecting IPO proceeds[104]. - As of September 30, 2022, the Company had 296,459,899insecuritiesheldintheTrustAccountforaBusinessCombinationand296,459,899 in securities held in the Trust Account for a Business Combination and 1,772,399 in interest earned on those investments[106]. IPO and Capital Raising - The Company completed its IPO on February 23, 2022, raising gross proceeds of 250millionfromthesaleof25,000,000unitsat250 million from the sale of 25,000,000 units at 10.00 per unit, along with an additional 13,707,500fromthesaleof9,138,333privateplacementwarrants[103].−Theunderwritersreceivedacashunderwritingdiscountof13,707,500 from the sale of 9,138,333 private placement warrants[103]. - The underwriters received a cash underwriting discount of 5,000,000 at the IPO closing, with an additional deferred fee of 10,812,500contingentonthecompletionofaBusinessCombination[119].−TheSponsorpurchased8,625,000ClassBordinarysharesfor10,812,500 contingent on the completion of a Business Combination[119]. - The Sponsor purchased 8,625,000 Class B ordinary shares for 25,000, which were later adjusted to 7,187,500 shares after a share dividend[111]. - The Company may need to raise additional capital through loans or investments to meet working capital needs before completing a Business Combination[108]. Business Combination Timeline - The Company has 15 months from the IPO closing to complete an initial business combination, with the possibility of extending this period through a shareholder vote[107]. - A deferred fee of 10,812,500ispayabletounderwritersfromtheTrustAccountuponcompletionofaBusinessCombination[128].AdministrativeandOperationalCosts−TheCompanyincurred10,812,500 is payable to underwriters from the Trust Account upon completion of a Business Combination[128]. Administrative and Operational Costs - The Company incurred 70,000 in administrative services fees for office space and related services as of September 30, 2022[118]. - The company has no long-term debt or capital lease obligations, only a monthly fee of $10,000 for office space and support services[127]. Risk and Financial Obligations - The Company has no off-balance sheet arrangements or obligations as of September 30, 2022[121]. - As of September 30, 2022, the company was not subject to market or interest rate risk, with IPO proceeds invested in U.S. government obligations with a maturity of 185 days or less[132].