PowerUp Acquisition Corp. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q

Rhea-AI Summary

PowerUp Acquisition Corp. (Nasdaq: PWUP) announced that on June 3, 2024, it received a notice from Nasdaq regarding non-compliance with the timely filing of its Quarterly Report on Form 10-Q for the period ending March 31, 2024. The company was required to submit a compliance plan by August 2, 2024. However, on June 5, 2024, PowerUp filed the delayed report with the SEC and believes it has regained compliance with Nasdaq's listing requirements.

Positive

• PowerUp filed the delayed Form 10-Q with the SEC on June 5, 2024.
• The company believes it has fully regained compliance with Nasdaq Listing Rule 5250(c)(1).
• Nasdaq may grant an extension of up to 180 days for compliance, if required.

Negative

• Received a notice from Nasdaq regarding non-compliance with timely filing requirements.
• Potential risk of delisting if the company fails to maintain compliance in the future.
• Late filing may negatively impact investor confidence and stock performance.

New York, NY, June 05, 2024 (GLOBE NEWSWIRE) -- PowerUp Acquisition Corp. (the “Company”) (Nasdaq: PWUP) announced today that, on June 3, 2024, the Company received a notice (the “Notice”) from the Nasdaq Listing Qualifications Department (“Nasdaq”) indicating that the Company was not compliant with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (“SEC”).

The Notice indicates that the Company must, no later than August 2, 2024, submit a plan to regain compliance with respect to the filing requirement. Following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the due date of the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2024 (the “Form 10-Q”), or until November 18, 2024, for the Company to regain compliance. However, on June 5, 2024, the Company filed the Form 10-Q with the SEC and, as a result of that filing, the Company believes it has fully regained compliance with the Nasdaq Listing Rule.

About PowerUp Acquisition Corp.

PowerUp Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The management team is led by Mr. Surendra Ajjarapu, Chief Executive Officer.

Advisors

Dykema Gossett, PLLC serves as legal counsel to PowerUp Acquisition Corp.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the meeting and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and initial public offering prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Corporate Contact:

Suren Ajjarapu
Chairman and Chief Executive Officer
Suren@SRIRAMAAssociatesLLC.onmicrosoft.com
347-313-8109

FAQ

What notice did PowerUp Acquisition Corp. receive from Nasdaq on June 3, 2024?

PowerUp received a notice indicating non-compliance with the timely filing requirement for its Quarterly Report on Form 10-Q.

What is the Nasdaq Listing Rule 5250(c)(1) related to?

Nasdaq Listing Rule 5250(c)(1) requires companies to timely file all required periodic reports with the SEC for continued listing.

By when must PowerUp Acquisition Corp. submit a compliance plan to Nasdaq?

PowerUp must submit a compliance plan to Nasdaq no later than August 2, 2024.

What action did PowerUp Acquisition Corp. take on June 5, 2024?

On June 5, 2024, PowerUp filed the delayed Form 10-Q with the SEC.

What does PowerUp Acquisition Corp. believe about its compliance status after June 5, 2024?

PowerUp believes it has fully regained compliance with Nasdaq's listing requirements after filing the Form 10-Q.

What is the potential timeframe for PowerUp to regain compliance if an extension is granted by Nasdaq?

If granted, the extension could allow up to 180 days from the original due date of the Form 10-Q, or until November 18, 2024.