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The Latest Non-Redemption Agreements: May 9, 2023
by Marlena Haddad on 2023-05-09 at 5:33pm

Latest Non-Redemption Agreements: LAMF Global Ventures I and PowerUp


LAMF Global Ventures Corp. I (LGVC) Adds Non-Redemption Agreement

On May 8, LAMF Global Ventures Corp. I (NASDAQ:LGVC) and the Sponsor entered into further non-redemption agreements with additional unaffiliated third-party investors pursuant to which the Additional Investors have, in connection with the Extension Meeting, agreed not to redeem, or to reverse and revoke any prior redemption election with respect to 1,588,000 Non-Redeemed Shares.

Pursuant to the Additional Non-Redemption Agreements, the Sponsor has agreed to transfer to the Investors a number of Class B ordinary shares equal to 21% of the number of Non-Redeemed Shares, or 333,480 Founder Shares, and for each Additional Monthly Extension, a number of Founder Shares equal to 3.5% of the number of Non-Redeemed Shares, or 55,580 Founder Shares for each Additional Monthly Extension, or up to an aggregate of 666,960 Founder Shares if the Initial Extension and all Additional Monthly Extensions are implemented.

In the aggregate, the Initial Investors and Additional Investors agreed not to redeem, or to reverse and revoke any prior redemption election with respect to 2,888,000 Non-Redeemed Shares.

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PowerUp Acquisition Corp. (PWUP) Adds Non-Redemption Agreement

As previously reported, on April 27, 2023, PowerUp Sponsor LLC, the sponsor of PowerUp Acquisition Corp. (NASDAQ:PWUP), and the company, entered into a Non-Redemption Agreement and Assignment of Economic Interest with an unaffiliated third party in exchange for such third party agreeing not to redeem an aggregate of 150,000 Class A ordinary shares of the company.

In exchange for the foregoing commitment not to redeem such shares, the Sponsor agreed to transfer to such investor an aggregate of 75,000 Class B ordinary shares of the Company held by the Sponsor immediately following consummation of an initial business combination if such investor continues to hold such Non-Redeemed Shares through the meeting.

The sponsor and the company have since entered into five additional Non-Redemption Agreements with additional unaffiliated third parties. In exchange for such third parties agreeing not to redeem an aggregate of 750,000 Non-Redeemed Shares, the Sponsor has agreed to transfer to such investors an aggregate of 375,000 Class B Ordinary Shares.

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