PowerUp Acquisition (PWUP) and Aspire Biopharma agreed to merge with the transaction valuing Aspire at about $316 million before any new capital is added from an investment.

The boards approved the transaction, the companies said Tuesday in a statement. Aspire's shareholders will own more than a majority of the merged entity, and the combined company will be named Aspire Biopharma Holdings and is expected to be listed on Nasdaq under the ASPH ticker symbol.

The transaction is expected to close at the end of Q4 or early in Q1, subject to certain conditions, including regulatory and stockholder approvals.

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