Aspire Biopharma Holdings (ASBP) stock surged on Friday after the biotechnology company revealed an Equity Line of Credit (ELOC) agreement with Arena Business Solutions Global SPC II, Ltd. Under the terms of this agreement, Aspire Biopharma can require Arena Business Solutions to purchase up to $100 billion worth of ASBP stock.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Aspire Biopharma’s agreement allows it to require the purchases by Arena Business after it gives advance notice. When those shares are sold, Arena Business will pay 96% of the ASBP stock’s Volume Weighted Average Price (VWAP) on the day the advance notice is received.
Investors will note that this new ELOC agreement with Arena Business replaces the original one that was signed on February 13, 2025. Also, this agreement allows for the sale of ELOC shares or ELOC Commitment shares. Aspire Biopharma noted that it will pay Arena Business 162,338 shares of ASBP to cover the customary due diligence and legal fees associated with this deal.
Aspire Biopharma Stock Movement Today
Aspire Biopharma stock was up 60.84% in pre-market trading on Friday, following a nearly 2% drop yesterday. The shares have fallen 99.08% year-to-date and 99.09% over the past 12 months.
With today’s ELOC news came heavy trading of ASBP stock. This saw more than 309 million shares traded, compared to a three-month daily average of about 27.6 million units.
