On July 14, 2023, PowerUp Acquisition Corp. entered into a purchase agreement with SRIRAMA Associates, LLC and PowerUp Sponsor LLC, involving the purchase of 4,317,500 Class A Ordinary Shares and 6,834,333 private placement warrants for an aggregate purchase price of $1.00. SRIRAMA Associates will also assume responsibility for the company’s public reporting obligations, D&O insurance, legal fees, and administrative services agreement. The deal also includes SRIRAMA replacing the company's current directors and officers at its own discretion and is expected to close on or before August 18, 2023.