An initial public offering (IPO) has been priced.
Former Sony Computer Entertainment CEO Jack Tretton has joined forces with former Vivendi Games Chairman Bruce Hack to create a company in intended for yet another video games industry acquisition.
The duo’s company is called PowerUp Acquisition Corp and has today priced its initial public offering (IPO) of 25,000,000 units at $10 USD per unit.
“The Company 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,” PowerUp Aquisition Corp said in a press release.
A blank cheque company is one without an specific business plan, usually started up with the purpose of merging with an established identity.
“The focus of the team is to identify and acquire a business within the interactive media, digital media, sports, entertainment, and/or leisure, with a particular focus on video gaming, gaming adjacent, and new metaverse video gaming businesses,” the company’s press release continued. “The management team is led by Bruce Hack, Jack Tretton, Michael Olson and Gabriel Schillinger. Mike Vorhaus serves as senior advisor.”
The company’s IPO is expected to close on 23 February 2022.
Edited for clarification.
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