$PWUP
PowerUp Acquisition Corp. Stock $pwup

$pwup Overview Financials Valuation SEC Filings Company Website

2024 Q3 Form 10-Q Financial Statement

#000149315224045850 Filed on November 14, 2024

Income Statement

Concept	2024 Q3
Revenue	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$630.8K
YoY Change	97.12%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$630.8K
YoY Change	94.24%
Operating Profit
YoY Change
Interest Expense	$76.75K
YoY Change	-70.48%
% of Operating Profit
Other Income/Expense, Net	$93.75K
YoY Change	-63.3%
Pretax Income	-$537.0K
YoY Change	667.17%
Income Tax
% Of Pretax Income
Net Earnings	-$537.0K
YoY Change	675.39%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share	-$0.07
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept	2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$61.81K
YoY Change	-75.6%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	$6.601M
YoY Change	-66.39%
TOTAL ASSETS
Total Short-Term Assets	$61.81K
Total Long-Term Assets	$6.601M
Total Assets	$6.663M
YoY Change	-66.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$6.573M
YoY Change	1977.95%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities	$6.573M
Total Long-Term Liabilities
Total Liabilities	$6.573M
YoY Change	1977.95%
SHAREHOLDERS EQUITY
Retained Earnings	-$15.38M
YoY Change	41.37%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$6.511M
YoY Change
Total Liabilities & Shareholders Equity	$6.663M
YoY Change	-66.51%

Cashflow Statement

Concept	2024 Q3
OPERATING ACTIVITIES
Net Income	-$537.0K
YoY Change	675.39%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	$25.51K
YoY Change	-119.62%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities	$0.00
YoY Change	-100.0%
Cash From Investing Activities	$0.00
YoY Change	-100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-25.50K
YoY Change	-96.02%
NET CHANGE
Cash From Operating Activities	25.51K
Cash From Investing Activities	0.000
Cash From Financing Activities	-25.50K
Net Change In Cash	10.00
YoY Change	-100.01%
FREE CASH FLOW
Cash From Operating Activities	$25.51K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Entity Central Index Key EntityCentralIndexKey	0001847345
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	00-0000000
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	E9
	dei	Entity Address Address Line1 EntityAddressAddressLine1	188 Grand Street Unit #195
	dei	Entity Address City Or Town EntityAddressCityOrTown	New York
	dei	Entity Address State Or Province EntityAddressStateOrProvince	NY
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	10013
	dei	City Area Code CityAreaCode	(347)
	dei	Local Phone Number LocalPhoneNumber	313-8109
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
	dei	Entity Shell Company EntityShellCompany	true
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	dei	Document Period End Date DocumentPeriodEndDate	2024-09-30
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-41293
	dei	Entity Registrant Name EntityRegistrantName	POWERUP ACQUISITION CORP.
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	us-gaap	Investment Income Interest InvestmentIncomeInterest	481511	usd
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	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-33437	usd
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	us-gaap	Net Income Loss NetIncomeLoss	-3606378	usd
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	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_80F_eus-gaap--NatureOfOperations_z7ONnE3rBXf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_82C_zBXlnyJf0MU7">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS AND LIQUIDITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PowerUp Acquisition Corp. (the “Company” or “PowerUp”) was incorporated as a Cayman Islands exempted company on February 9, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with <span id="xdx_90D_ecustom--ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum_uInteger_c20210209__20210209_zpBXeXbGj4o7" title="Number of business combination">one</span> or more businesses (the “Business Combination”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 26, 2023, the Company entered into an Agreement and Plan of Merger (as subsequently amended, the “Visiox Merger Agreement”) with PowerUp Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company, SRIRAMA Associates, LLC, a Delaware limited liability company (the “New Sponsor”), Ryan Bleeks, in the capacity as the seller representative, and Visiox Pharmaceuticals, Inc., a Delaware corporation (“Visiox”). The transactions contemplated by the Visiox Merger Agreement were intended to serve as the Company’s initial Business Combination. See Note 6 for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 6, 2024, the parties to the Visiox Merger Agreement entered into an amendment agreement (the “Visiox Amendment Agreement”). The Visiox Amendment Agreement extended the Outside Date (as defined in the Visiox Merger Agreement) from May 31, 2024 to June 30, 2024, increased the Company’s indebtedness cap from $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20240531__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--RangeAxis__srt--MinimumMember_zhtr16jZKsX8" title="Indebtedness amount">1</span> million to $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20240630__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--RangeAxis__srt--MaximumMember_zjcisqhylh04" title="Indebtedness amount">2</span> million, eliminated the requirement that the Company have net tangible assets of at least $<span id="xdx_904_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_c20240930__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--RangeAxis__srt--MinimumMember_zg0fFnQDcjlc" title="Tangible assets">5,000,001</span> at the time of the closing, and reduced the Minimum Cash Condition (as defined in the Visiox Merger Agreement) from $<span id="xdx_90D_ecustom--IndebtednessCap_iI_pn6n6_c20240531__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--RangeAxis__srt--MinimumMember_zsViLsNj9vwe" title="Indebtedness cap">5</span> million to $<span id="xdx_90C_ecustom--IndebtednessCap_iI_pn4n6_c20240630__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--RangeAxis__srt--MaximumMember_zz3CuSbO9SLd" title="indebtedness cap">1.00</span>. <span id="xdx_903_eus-gaap--DebtInstrumentCovenantDescription_c20240531__20240630__us-gaap--TypeOfArrangementAxis__custom--VisioxAmendmentAgreementMember_zd0xhwTJmlei" title="Debt instrument description">Additionally, the Visiox Amendment Agreement added three new covenants, which required Visiox to (i) use its best commercial efforts to complete all labeling and compliance requirements necessary to distribute its current product inventory to the extent reasonably acceptable to Visiox no later than June 30, 2024, (ii) raise capital in an amount no less than $500,000 on terms reasonably acceptable to the Company on or before June 30, 2024, and (iii) from May 30, 2024 until immediately following the closing, not make any expenditures in excess of $1,000 without the express approval of the Company, with the exception of ordinary payroll processing.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 19, 2024, the Company delivered written notice to Visiox of its election to terminate the Visiox Merger Agreement and abandoned the transactions contemplated thereby, primarily because the conditions to closing set forth in the Visiox Merger Agreement were not satisfied or waived by June 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 26, 2024, the Company entered into an Agreement and Plan of Merger (as amended from time to time, the “Aspire Merger Agreement”) with PowerUp Merger Sub II, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), the New Sponsor, Stephen Quesenberry, in the capacity as the seller representative, and Aspire Biopharma, Inc., a Puerto Rico corporation (“Aspire”). The transactions contemplated by the Aspire Merger Agreement are intended to serve as the Company’s initial Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 5, 2024, and in connection with the due diligence process, the parties entered into an amendment agreement (the “First Aspire Amendment Agreement”). The First Aspire Amendment Agreement: (i) adjusted the merger consideration to be consistent with the aggregate post-closing ownership percentage of the Aspire stockholders that the parties had anticipated to be reflected in the consummation of the proposed business combination, (ii) adjusted the size of the pool of available equity in the equity incentive plan for the initial fiscal year following closing to be consistent with what the parties had anticipated to be reflected in the consummation of the proposed business combination, and (iii) provided additional time for the parties to deliver disclosure schedules and conduct due diligence reviews.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 9, 2024, and in connection with the due diligence process, the parties entered into another amendment agreement (the “Second Aspire Amendment Agreement”), which provided additional time for the parties to deliver disclosure schedules and conduct due diligence reviews.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2024, the Company had not commenced any operations. Substantially all activity from February 9, 2021 (inception) through September 30, 2024 relates to the Company’s formation and initial public offering (“IPO”), which is described below and, since the IPO, the search for a prospective initial Business Combination, the negotiation of the Visiox Merger Agreement, actions taken until July 19, 2024 to advance the previously anticipated business combination with Visiox, the negotiation of the Aspire Merger Agreement and actions taken to advance the anticipated business combination with Aspire. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The registration statement for the Company’s IPO was declared effective on February 17, 2022. On February 23, 2022, the Company consummated the IPO of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220223__20220223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zZX4GR5XD0r5" title="Sale of Units, net of underwriting discounts (in shares)">25,000,000</span> units (“Units” and, with respect to Class A ordinary shares included in the Units offered, the “Public Shares”) at $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20220223__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zdhBsX1lFSNi" title="Purchase price, per unit">10.00</span> per Unit, generating gross proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220223__20220223__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z6QpzAC8ajzi" title="Gross proceeds">250,000,000</span>, which is discussed in Note 3. The Company has selected December 31 as its fiscal year end.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the IPO, the Company consummated the sale of <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zbRaqM7NrVB" title="Sale of private placement warrants">9,138,333</span> private placement warrants (“Private Placement Warrants”) at a price of $<span id="xdx_90B_eus-gaap--SharePrice_iI_c20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zs5DstN0lZW" title="Price of warrant">1.50</span> per Private Placement Warrant in a private placement to the Company’s original sponsor, PowerUp Sponsor LLC (the “Original Sponsor” and, together with the New Sponsor, the “Sponsors”) generating gross proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfWarrants_pp0d_c20220223__20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z45dZLUvCp8h" title="Proceeds from sale of private units">13,707,500</span> which is described in Note 4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the IPO, the Company consummated the closing of the sale of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220223__20220223__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zFKphfNzJYza" title="Sale of units, net of underwriting discounts">3,750,000</span> additional Units upon receiving notice of the underwriter’s election to fully exercise its overallotment option (the “Overallotment Units”), generating additional gross proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0d_c20220223__20220223__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zlqOQWUD46Z9" title="Gross proceeds">37,500,000</span>. Simultaneously with the exercise of the overallotment, the Company consummated the private placement of an additional <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z4pfwmTU1i2c" title="Sale of private placement warrants">625,000</span> Private Placement Warrants to the Original Sponsor, generating gross proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfWarrants_pp0d_c20220223__20220223__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zK4Z5GOUv9La" title="Proceeds from sale of private units">937,500</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs for the IPO amounted to $<span id="xdx_904_ecustom--TransactionCosts_iI_pp0d_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zk37hJJdrtb8" title="Offering costs">16,418,580</span>, consisting of $<span id="xdx_90C_ecustom--SaleOfStockUnderwritingFees_iI_pp0d_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zcyrdmBwnlNd" title="Underwriting fees">5,000,000</span> of underwriting fees, $<span id="xdx_907_ecustom--DeferredOfferingCostsNoncurrent_iI_pp0d_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zANCA1bFFjH5" title="Deferred underwriting fee payable">10,812,500</span> of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $<span id="xdx_902_ecustom--SaleOfStockOtherOfferingCosts_iI_pp0d_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zqs6JGf1kxKf" title="Other costs">606,080</span> of other costs. As described in Note 6, the $<span id="xdx_90F_ecustom--DeferredOfferingCostsNoncurrent_iI_pp0d_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zpvBdzJoKdNe" title="Deferred underwriting fee payable">10,812,500</span> of deferred underwriting fee payable was contingent upon the consummation of a Business Combination, subject to the terms of the underwriting agreement. On June 28, 2023, the underwriters of the IPO, agreed to waive their entitlements to the deferred underwriting commissions of $<span id="xdx_90B_ecustom--DeferredOfferingCostsNoncurrent_iI_pp0d_c20230628_zHMmuHHbtYM9" title="Deferred underwriting fee payable">10,812,500</span> pursuant to the underwriting agreement for the IPO (the “Underwriting Agreement”). As a result, $<span id="xdx_904_ecustom--DeferredUnderwritingDiscount_iI_pp0d_c20230628_zBc8HCwSXfK6" title="Deferred underwriting discount">10,812,500</span> was recorded to additional paid-in capital in relation to the waiver of the deferred underwriting discount in the accompanying condensed consolidated financial statements (see Note 6).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the IPO, $<span id="xdx_909_eus-gaap--PaymentsToAcquireRestrictedInvestments_pp0d_c20220223__20220223__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zzvYvHiBJqBe" title="Cash deposited to trust account">294,687,500</span> ($<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_c20220222__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zE0c73npQxt8" title="Purchase price, per unit">10.25</span> per Unit) from the net proceeds of the sale of the Units, Overallotment Units, and the Private Placement Warrants was placed in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, in January 2024, the Company instructed the trustee to liquidate the securities held in the Trust Account and instead to hold the funds in the Trust Account in an interest-bearing demand deposit account at a bank until the earlier of the consummation of an initial Business Combination or the Company’s liquidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least <span id="xdx_90E_ecustom--ThresholdMinimumAggregateFairMarketValueAsPercentageOfNetAssetHeldInTrustAccount_pid_dp_uPure_c20240101__20240930_z0KJ7OCtvcZk" title="Threshold minimum aggregate fair market value as a percentage of net assets held in trust account">80</span>% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time it enters into a definitive agreement for the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires <span id="xdx_909_ecustom--ThresholdPercentageOfOutstandingVotingSecuritiesOfTargetToBeAcquiredByPostTransactionCompanyToCompleteBusinessCombination_pid_dp_uPure_c20240101__20240930_zeW9A51Tuwo3" title="Percentage of outstanding voting securities of target">50</span>% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance the Company will be able to successfully effect a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $<span id="xdx_904_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zkPfLqM2op64" title="Share redemption price">11.03</span> per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There are no redemption rights with respect to the Company’s warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”) Subtopic 10-S99, redemption provisions not solely within the control of a company require Class A ordinary shares subject to redemption to be classified outside of permanent equity. Given that the Public Shares will be issued with other freestanding instruments (i.e., Public Warrants), the initial carrying value of the Public Shares classified as temporary equity will be the allocated proceeds determined in accordance with ASC 470-20 “Debt with Conversion and other Options”. The Public Shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The Public Shares are redeemable and are classified as such on the consolidated balance sheet until such date that a redemption event takes place.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to an initial Business Combination. If the Company seeks shareholder approval of a Business Combination, the Company will proceed with the Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Original Sponsor agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of the Business Combination. The New Sponsor is subject to this same obligation. Additionally, each Public Shareholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of <span id="xdx_901_ecustom--ThresholdPercentageOfPublicSharesSubjectToRedemptionWithoutEntitySPriorWrittenConsent_pid_dp_uPure_c20240101__20240930_z84dLlbdpQii" title="Threshold percentage of public shares subject to redemption without company's prior written consent">15</span>% or more of the Class A ordinary shares sold in the IPO, without the prior consent of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s Original Sponsor, and its initial officers and directors (the “Initial Shareholders”) agreed not to propose an amendment to the Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to redeem <span id="xdx_909_ecustom--PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination_pid_dp_uPure_c20240101__20240930_zEr4Yq7geIza" title="Percentage obligation to redeem public shares">100</span>% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. The New Sponsor and the Company’s current officers and directors are subject to this same obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 18, 2023, the Company held an extraordinary general meeting of shareholders (the “2023 Extension Meeting”). At the 2023 Extension Meeting, the Company’s shareholders approved an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate its initial Business Combination from May 23, 2023 to May 23, 2024 (the “2023 Extension Amendment”). In connection with the approval of the 2023 Extension Amendment, holders of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230518__20230518__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zxrgI4E6i4lk" title="Number of shares issued">26,946,271</span> of the Company’s Class A ordinary shares exercised their right to redeem those shares for cash at an approximate price of $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_c20230518__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zB4Duaghbg1b" title="Purchase price, per unit">10.55</span> per share, for an aggregate of approximately $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20230518__20230518__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zghGs2O0efd5" title="Aggregate purchase price">284</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the 2023 Extension Meeting, on May 18, 2023, those Initial Shareholders holding all of the issued and outstanding Class B ordinary shares of the Company elected to convert their Class B ordinary shares into Class A ordinary shares of the Company on a one-for-one basis. As a result, <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20230518__20230518__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd_ziZ2Yq7InC6c" title="Ordinary shares cancelled">7,187,500</span> of the Company’s Class B ordinary shares were cancelled and <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20230518__20230518__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z7H5xX7Alr42" title="Convertible ordinary shares">7,187,500</span> of the Company’s Class A ordinary shares were issued to converting Class B shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 14, 2023, the Company was notified by Equiniti Trust Company, LLC that the per share redemption price for the redemption of Public Shares effected on May 18, 2023 should have been approximately $<span id="xdx_904_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20230814__dei--LegalEntityAxis__custom--EquinitiTrustCompanyLLcMember_zvgvWK8ijTSd" title="Share redemption price">10.57</span>, which was approximately $<span id="xdx_904_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20230518__dei--LegalEntityAxis__custom--EquinitiTrustCompanyLLcMember__srt--RestatementAxis__srt--RestatementAdjustmentMember_zStDMFfLcx4l" title="Share redemption price">0.02</span> higher than the approximately $<span id="xdx_903_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20230518__dei--LegalEntityAxis__custom--EquinitiTrustCompanyLLcMember_zbPzmx9or0B8" title="Share redemption price">10.55</span> per share previously paid. The Company made a “true-up” payment in the amount of approximately $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20230419__dei--LegalEntityAxis__custom--EquinitiTrustCompanyLLcMember__srt--RestatementAxis__srt--RestatementAdjustmentMember_z8CcB8MyjOv6" title="Share price">0.02</span> per share to the holders of record as of April 19, 2023 that exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account. On August 18, 2023, the Company made the true-up payment to the applicable holders in the aggregate amount of $<span id="xdx_90F_ecustom--AggregateTrueUpPaymentAmount_c20230818__20230818_zQA3kmAsoj9h" title="Aggregate true-up payment amount">632,968</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 13, 2023, the Company engaged J.V.B. Financial Group, LLC, acting through its Cohen & Company Markets division (“CCM”) to act as its capital markets advisor in connection with seeking an extension for completing a Business Combination. The Company will pay CCM the sum of (i) $<span id="xdx_902_ecustom--AdvisoryFeesPayableInCash_iI_pp0d_c20230413_z0xcFAwqAuN5" title="Fees payable to CCM in cash">300,000</span> plus (ii) <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230413__20230413__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ProductOrServiceAxis__us-gaap--InvestmentAdvisoryManagementAndAdministrativeServiceMember_zfOpyULe2Fs1" title="Fees payable to CCM in shares">50,000</span> Class A ordinary shares of the Company which is payable at the close of a Business Combination. On July 13, 2023, the Company amended the agreement with CCM. As a result of the amendment, the Company will issue to CCM <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230713__20230713__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ProductOrServiceAxis__us-gaap--InvestmentAdvisoryManagementAndAdministrativeServiceMember_zeRxxzz53JVb" title="Advisory fees payable in shares number of shares">80,000</span> Class A ordinary shares of the Company, which are payable at the close of a Business Combination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 18, 2023, in connection with the closing of the transaction contemplated by the Purchase Agreement (defined below), each then serving director tendered their resignations as members of the board of directors of the Company (the “Board”), each then serving executive officer resigned from their positions as officers of the Company, and new persons were appointed to serve as officers and directors of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 22, 2024, the Company held an extraordinary general meeting of shareholders (the “2024 Extension Meeting”). At the 2024 Extension Meeting, the Company’s shareholders approved an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate its initial Business Combination from May 23, 2024 to February 17, 2025 (the “2024 Extension Amendment”). In connection with the approval of the 2024 Extension Amendment, holders of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240522__20240522__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zyVrK7hUjZT6" title="Number of shares issued">1,226,085</span> of the Company’s Class A ordinary shares exercised their right to redeem those shares for cash at an approximate price of $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20240522__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zxEUERIuYsr5" title="Purchase price, per unit">11.24</span> per share, for an aggregate of approximately $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20240522__20240522__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zgeNyJ1Ahdai" title="Aggregate purchase price">13.8</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the 2024 Extension Meeting, the Company and the New Sponsor entered into a non-redemption agreement (the “2024 Non-Redemption Agreement”) with an unaffiliated third-party shareholder in exchange for such shareholder agreeing not to redeem (or to validly rescind any redemption requests on) <span id="xdx_908_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20240522__20240522__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--NonRedeemedAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zau98Wycr4aa" title="Number of shares agreed to transfer">450,000</span> of the Company’s Class A ordinary shares (the “2024 Non-Redeemed Shares”) in connection with the 2024 Extension Meeting. In exchange for the commitment not to redeem the <span id="xdx_907_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20240522__20240522__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--NonRedeemedAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zIMNFWXmKUa9" title="Number of non-redeemable transferable shares">450,000</span> Non-Redeemed Shares, the New Sponsor has agreed to transfer to such shareholder <span id="xdx_909_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20240522__20240522__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SponsorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ztPWg7nNfVp7" title="Number of shares agreed to transfer">75,000</span> Class A ordinary shares of the Company held by the New Sponsor and <span id="xdx_902_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20240522__20240522__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SponsorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zCG7iJLoB5yg" title="Number of non-redeemable transferable shares">75,000</span> Class A ordinary shares which will be issued to the New Sponsor upon the closing of the Company’s initial Business Combination. The 2024 Non-Redemption Agreement increased the amount of funds that remained in the Company’s Trust Account following the 2024 Extension Meeting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is unable to complete a Business Combination by February 17, 2025, and in the absence of the Company’s shareholders approving an additional extension to the Company’s term, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to us to pay the Company’s franchise and income taxes (less up to $<span id="xdx_90D_eus-gaap--LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities_iI_c20240930_zxbdCo9lhSlj" title="Maximum net interest to pay dissolution expenses">100,000</span> of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s Board, dissolve and liquidate, subject in each case to the requirements of applicable law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Initial Shareholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination by February 17, 2025, or during any additional extension period (the “Combination Period”). However, if the Initial Shareholders acquired Public Shares in or after the IPO, they are entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account. In the event the Company does not complete a Business Combination within the Combination Period, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be approximately $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20240930_zMXDC3kIi7Ek" title="Purchase price, per unit">11.43</span> per share held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsors have agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a Business Combination, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsors will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsors will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going Concern</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2024, the Company had $<span id="xdx_908_eus-gaap--Cash_iI_dxL_c20240930_zVVm9zxgA2Ac" title="Cash::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0737">0</span></span> in its operating bank account and a working capital deficit of $<span id="xdx_908_ecustom--WorkingCapitalDeficit_iNI_di_c20240930_zebbFt0KZcof" title="Working capital deficit">6,511,072</span>. As of September 30, 2024, the Company had $<span id="xdx_90A_eus-gaap--AssetsHeldInTrustNoncurrent_iI_c20240930_zJlIWTgPS8Vg" title="Business combination trust account">6,601,357</span> in its Trust Account to be used for a Business Combination or to repurchase or redeem its Class A ordinary shares in connection therewith. As of September 30, 2024, $<span id="xdx_907_eus-gaap--InvestmentIncomeNet_c20240101__20240930_z7eY8JMFb5n1" title="Investments held in the trust account">481,511</span> of the amount in the Trust Account are represented as Interest earned on investments held in the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company initially had 15 months from the closing of the IPO to consummate an initial Business Combination. At the 2024 Extension Meeting, the Company’s shareholders approved the 2024 Extension Amendment that served to extend the date by which the Company must consummate its initial Business Combination to February 17, 2025. The remaining life of the Company as of September 30, 2024 is under 12 months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the consummation of a Business Combination, the Company will be using any funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating an initial Business Combination. The Company may need to raise additional capital through loans or additional investments from its New Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and New Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance date of the consolidated financial statements. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2	PWUP	Deferred Offering Costs Noncurrent DeferredOfferingCostsNoncurrent	10812500	usd
CY2023Q2	PWUP	Deferred Underwriting Discount DeferredUnderwritingDiscount	10812500	usd
	PWUP	Threshold Minimum Aggregate Fair Market Value As Percentage Of Net Asset Held In Trust Account ThresholdMinimumAggregateFairMarketValueAsPercentageOfNetAssetHeldInTrustAccount	0.80	pure
	PWUP	Threshold Percentage Of Outstanding Voting Securities Of Target To Be Acquired By Post Transaction Company To Complete Business Combination ThresholdPercentageOfOutstandingVotingSecuritiesOfTargetToBeAcquiredByPostTransactionCompanyToCompleteBusinessCombination	0.50	pure
	PWUP	Threshold Percentage Of Public Shares Subject To Redemption Without Entity S Prior Written Consent ThresholdPercentageOfPublicSharesSubjectToRedemptionWithoutEntitySPriorWrittenConsent	0.15	pure
	PWUP	Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination	1	pure
CY2023Q3	PWUP	Aggregate True Up Payment Amount AggregateTrueUpPaymentAmount	632968	usd
CY2023Q2	PWUP	Advisory Fees Payable In Cash AdvisoryFeesPayableInCash	300000	usd
CY2024Q3	us-gaap	Liquidation Basis Of Accounting Accrued Costs To Dispose Of Assets And Liabilities LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities	100000	usd
CY2024Q3	us-gaap	Shares Issued Price Per Share SharesIssuedPricePerShare	11.43
CY2024Q3	PWUP	Working Capital Deficit WorkingCapitalDeficit	-6511072	usd
CY2024Q3	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	6601357	usd
	us-gaap	Investment Income Net InvestmentIncomeNet	481511	usd
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_847_eus-gaap--UseOfEstimates_zrbjse265J99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_ztUiCkC1fhng">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those significant estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3	us-gaap	Cash Equivalents At Carrying Value CashEquivalentsAtCarryingValue	0	usd
CY2023Q4	us-gaap	Cash Equivalents At Carrying Value CashEquivalentsAtCarryingValue	0	usd
	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zrNIpv7geal6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zpBJdu9JPy6l">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $<span id="xdx_90C_eus-gaap--CashFDICInsuredAmount_iI_c20240930_z0FQ51q5Tw37" title="Federal deposit Insurance corporation coverage limit">250,000</span>. At September 30, 2024 and December 31, 2023, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	250000	usd
CY2024Q3	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2023Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2023Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	19901169	usd
	us-gaap	Temporary Equity Accretion To Redemption Value Adjustment TemporaryEquityAccretionToRedemptionValueAdjustment	-481511	usd
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	13781323	usd
CY2024Q3	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	6601357	usd
CY2024Q3	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	24138333	shares
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	24138333	shares
CY2023Q3	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	24138333	shares
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	24138333	shares
	PWUP	Description Of Exceptions For Transfer Assign Or Sell Founder Shares DescriptionOfExceptionsForTransferAssignOrSellFounderShares	(A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property.
CY2024Q3	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	328939	usd
CY2023Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	238939	usd
	PWUP	Maximum Number Of Days Available To Underwriters To Purchase Units MaximumNumberOfDaysAvailableToUnderwritersToPurchaseUnits	P45D
	PWUP	Underwriting Cash Discount Per Unit UnderwritingCashDiscountPerUnit	0.20
	PWUP	Underwriter Cash Discount UnderwriterCashDiscount	5000000	usd
	PWUP	Underwriting Cash Discount Per Unit UnderwritingCashDiscountPerUnit	0.20
	PWUP	Aggregate Deferred Underwriting Fee Payable AggregateDeferredUnderwritingFeePayable	750000	usd
	PWUP	Aggregate Underwriter Deferred Portion AggregateUnderwriterDeferredPortion	10062500	usd
	PWUP	Aggregate Underwriter Cash Discount AggregateUnderwriterCashDiscount	750000	usd
CY2023Q2	PWUP	Deferred Offering Costs Noncurrent DeferredOfferingCostsNoncurrent	10812500	usd
CY2023Q2	PWUP	Deferred Underwriting Discount DeferredUnderwritingDiscount	10812500	usd
	PWUP	Number Of Shares Agreed To Transfer NumberOfSharesAgreedToTransfer	750000	shares
	PWUP	Number Of Non Redeemable Transferable Shares NumberOfNonRedeemableTransferableShares	750000	shares
	PWUP	Fair Value Of Non Redeemable Shares FairValueOfNonRedeemableShares	118298	usd
CY2023Q2	PWUP	Advisory Fees Payable In Cash AdvisoryFeesPayableInCash	300000	usd
CY2024Q3	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000	shares
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000	shares
CY2024Q3	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2023Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2024Q3	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2023Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2024Q3	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2023Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2024Q3	us-gaap	Warrants And Rights Outstanding Term WarrantsAndRightsOutstandingTerm	P6M
	PWUP	Subscription Financial Liabilities Terms SubscriptionFinancialLiabilitiesTerms	P0Y2M12D
CY2024Q3	us-gaap	Share Price SharePrice	12.21
CY2024Q3	PWUP	Subscription Financial Liabilities Riskfree Rate SubscriptionFinancialLiabilitiesRiskfreeRate	0.0477	pure
CY2024Q1	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	1786236	usd
CY2024Q1	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	1786236	usd
	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings	3117735	usd
CY2024Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	4903971	usd
CY2024Q3	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	4903971	usd
CY2024Q1	PWUP	Loan And Transfer Note Payable Term LoanAndTransferNotePayableTerm	P1Y5M19D
CY2024Q1	PWUP	Loan And Transfer Note Payable Share Price LoanAndTransferNotePayableSharePrice	11.015
CY2024Q1	PWUP	Loan And Transfer Note Payable Risk Free Rate LoanAndTransferNotePayableRiskFreeRate	4.78	pure
CY2024Q2	PWUP	Loan And Transfer Note Payable Term LoanAndTransferNotePayableTerm	P1Y3M18D
CY2024Q2	PWUP	Loan And Transfer Note Payable Share Price LoanAndTransferNotePayableSharePrice	11.27
CY2024Q2	PWUP	Loan And Transfer Note Payable Risk Free Rate LoanAndTransferNotePayableRiskFreeRate	4.95	pure
CY2023Q4	us-gaap	Notes And Loans Payable NotesAndLoansPayable	12384	usd
	PWUP	Notes And Loans Payable Change In Fair Value NotesAndLoansPayableChangeInFairValue	423900	usd
CY2024Q3	us-gaap	Notes And Loans Payable NotesAndLoansPayable	436284	usd
CY2024Q3	ecd	Rule10b51 Arr Adopted Flag Rule10b51ArrAdoptedFlag	false
CY2024Q3	ecd	Non Rule10b51 Arr Adopted Flag NonRule10b51ArrAdoptedFlag	false
CY2024Q3	ecd	Rule10b51 Arr Trmntd Flag Rule10b51ArrTrmntdFlag	false
CY2024Q3	ecd	Non Rule10b51 Arr Trmntd Flag NonRule10b51ArrTrmntdFlag	false

Files In Submission

Name	View Source	Status
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0001493152-24-045850-index.html	Edgar Link	pending
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ex31-1.htm	Edgar Link	pending
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ex32-2.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
form10-q.htm	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
pwup-20240930.xsd	Edgar Link	pending
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pwup-20240930_cal.xml	Edgar Link	unprocessable
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form10-q_htm.xml	Edgar Link	completed
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report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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$PWUP
PowerUp Acquisition Corp. Stock $pwup

2024 Q3 Form 10-Q Financial Statement

#000149315224045850 Filed on November 14, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PWUP PowerUp Acquisition Corp. Stock $pwup

2024 Q3 Form 10-Q Financial Statement

#000149315224045850 Filed on November 14, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PWUP
PowerUp Acquisition Corp. Stock $pwup