Surendra K. Ajjarapu - Aug 18, 2023 Form 3 Insider Report for PowerUp Acquisition Corp. (PWUP)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Surendra Ajjarapu
Stock symbol: PWUP
Transactions as of: Aug 18, 2023
Transactions value $: $0
Form type: 3
Date filed: 8/28/2023, 05:00 PM
Previous filing: Jun 14, 2023
Next filing: Jan 16, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	PWUP	Class A Ordinary Shares						4.32M	Aug 18, 2023	By SRIRAMA Associates, LLC	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	PWUP	Warrants							Aug 18, 2023	Class A Ordinary Shares	6.83M	$11.50	By SRIRAMA Associates, LLC	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	SRIRAMA Associates, LLC, a Delaware limited liability company (the "Sponsor"), is the record holder of such Class A Ordinary Shares and the Warrants. Mr. Ajjarapu is a managing member of the Sponsor. As such, Mr. Ajjarapu has shared voting and investment discretion with respect to the Class A Ordinary Shares held of record by the Sponsor and may be deemed to have beneficial ownership of such Class A Ordinary Shares. Mr. Ajjarapu disclaims beneficial ownership of any Class A Ordinary Shares other than to the extent he may have a pecuniary interest therein, directly or indirectly. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities and Exchange Act of 1934, as amended, or otherwise, the Reporting Person is the beneficial owner of any securities reported herein.
F2	Each warrant will become exercisable on the later of 12 months from the closing of the Issuer's initial public offering and the date of completion of the Issuer's initial business combination. Each warrant will expire five years after the completion of the Issuer's initial business combination or earlier upon redemption or liquidation.

Content

SRIRAMA Associates, LLC, a Delaware limited liability company (the "Sponsor"), is the record holder of such Class A Ordinary Shares and the Warrants. Mr. Ajjarapu is a managing member of the Sponsor. As such, Mr. Ajjarapu has shared voting and investment discretion with respect to the Class A Ordinary Shares held of record by the Sponsor and may be deemed to have beneficial ownership of such Class A Ordinary Shares. Mr. Ajjarapu disclaims beneficial ownership of any Class A Ordinary Shares other than to the extent he may have a pecuniary interest therein, directly or indirectly. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities and Exchange Act of 1934, as amended, or otherwise, the Reporting Person is the beneficial owner of any securities reported herein.

Each warrant will become exercisable on the later of 12 months from the closing of the Issuer's initial public offering and the date of completion of the Issuer's initial business combination. Each warrant will expire five years after the completion of the Issuer's initial business combination or earlier upon redemption or liquidation.