Aspire Biopharma Holdings, Inc. Announces the Execution of Securities Purchase Agreement

About this update from Aspire Biopharma Holdings, Inc.

[{"type":"text","content":"NEW YORK CITY, NY / ACCESS Newswire / February 20, 2025 / Aspire Biopharma, Inc. ("Aspire" or the "Company"), a developer of a multi-faceted patent-protected disruptive drug delivery mechanism technology (Nasdaq:ASBP)(Nasdaq:ASBPW), today announced that it entered into a definitive Securities Purchase Agreement (the "Agreement") on February 19, 2025, pursuant to which the Company issued to the Buyers a senior secured convertible debenture (the "Debenture"). The Debenture is only convertible in the event of a default or at the Company's discretion. The closing of the transaction is expected to occur on February 20, 2025 (the "Closing Date"). The transaction will result in gross proceeds to the Company of $3.0 million. Proceeds from the transaction will support the Company's general working capital and operating expenses.","length":889,"tagName":"p"},{"type":"text","content":"Kraig Higginson, Chief Executive Officer of Aspire, commented, "This senior secured convertible debenture was structured to avoid any inclusion of warrants or resets often associated with DESPAC transactions. In addition, the investors in the debenture transaction, have agreed to a volume restriction prohibiting each of them from selling more than 15% of the daily volume. We are pleased to have concluded this transaction which strengthens the Company's capital structure and improves its near- term liquidity position, enhancing our ability to continue the development of innovative and improved formulations of approved FDA drugs and nutraceuticals while maximizing long term shareholder value."","length":714,"tagName":"p"},{"type":"text","content":"Dawson James Securities, Inc. and RBW Capital Partners LLC, a division of Dawson James Securities, Inc. (the "Placement Agent") are acting as exclusive placement agents for the offering.","length":196,"tagName":"p"},{"type":"text","content":"ArentFox Schiff LLP acted as legal counsel to the Placement Agent and Sichenzia Ross Ference Carmel LLP is acted as legal counsel to the Company.","length":145,"tagName":"p"},{"type":"text","content":"About Aspire Biopharma, Inc.","length":28,"tagName":"p"},{"type":"text","content":"Headquartered in Humacao, Puerto Rico, Aspire Biopharma has developed a disruptive technology through a Novel Soluble F...

More updates from Aspire Biopharma Holdings, Inc.