--- title: "Aspire Biopharma Holdings (now Aspire-Lakewood Holdings) files NT 10-K" url: "https://aibio.space/news/aspire-biopharma-holdings-now-aspire-lakewood-holdings-files-nt-10/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-03-31" section: "Distress" tickers: "NASDAQ:ASBP" source: "https://www.sec.gov/Archives/edgar/data/1847345/000164117225001893/formnt10-k.htm" summary: "Aspire Biopharma told the SEC on March 31, 2025 that it needs more time to finish its 2024 financial statements. The notice gives no reason beyond that, an" --- By the aibio.space news desk. Sources - [Aspire-Lakewood Holdings, Inc. Form NT 10-K filed March 31, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1847345/000164117225001893/formnt10-k.htm) - [Aspire-Lakewood Holdings, Inc. Form 10-K filed March 11, 2024: business overview and signatures (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1847345/000149315224009602/form10-k.htm) [ASBP](https://aibio.space/companies/aspire-lakewood/) 2025-03-31 # Aspire Biopharma Holdings (now Aspire-Lakewood Holdings) files NT 10-K, delays 2024 annual report Tickers [ASBP](https://aibio.space/companies/aspire-lakewood/) Aspire Biopharma told the SEC on March 31, 2025 that it needs more time to finish its 2024 financial statements. The notice gives no reason beyond that, and its narrative refers to a 10-Q deadline that does not match the annual report it is about. ## Key facts - **Company**: Aspire-Lakewood Holdings, Inc. (NASDAQ: ASBP) - **News type**: Distress - **Primary source**: [Aspire-Lakewood Holdings, Inc. Form NT 10-K filed March 31, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1847345/000164117225001893/formnt10-k.htm) *The facade of a neoclassical court building at dusk. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* Aspire Biopharma Holdings, Inc., now Aspire-Lakewood Holdings, Inc. (Nasdaq: [ASBP](https://aibio.space/companies/aspire-lakewood/)), told the SEC on March 31, 2025 that it cannot file its annual report on time. In a [Form NT 10-K](https://www.sec.gov/Archives/edgar/data/1847345/000164117225001893/formnt10-k.htm), the late filing notice, the company said it needs additional time to complete its financial statements for the year ended December 31, 2024. The original due date was April 15, 2025. ## What the notice says Form NT 10-K, also called Form 12b-25, is the notice a company files when it cannot submit a periodic report by its due date. The registrant, which lists its principal executive office in Humacao, Puerto Rico, checked the box for the Form 10-K and the period ended December 31, 2024. Its narrative says it is unable to file the annual report by April 15, 2025 "without unreasonable effort or expense because it requires additional time to complete its financial statements." That is the only reason the notice gives. It does not name an accounting issue, an auditor question or a missing document. The company checked the Part II box, which seeks relief under Rule 12b-25(b). Under that part, an annual report is to be filed on or before the fifteenth calendar day following the prescribed due date. The narrative says something different. It states that the registrant expects to file "the Form 10-Q" no later than the fifth calendar day following the prescribed filing date. The notice concerns the annual report on Form 10-K, and the fifth-day deadline in the form applies to quarterly reports on Form 10-Q. The notice does not explain the mismatch. Chief Executive Officer Kraig T. Higginson signed the notice as principal executive officer and is the named contact for questions about it. Aspire answered yes when asked whether all other periodic reports required in the preceding 12 months had been filed. It answered no when asked whether any significant change in results of operations from the prior year would be reflected in the late report. The notice gives no 2024 figures and does not explain that answer. ## The shell company behind the filer The company's SEC file holds an earlier [annual report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1847345/000149315224009602/form10-k.htm), for 2023, under the name PowerUp Acquisition Corp. It describes a blank check company incorporated on February 9, 2021 as a Cayman Islands exempted company to effect a merger, share exchange, asset acquisition or similar business combination. On February 23, 2022 it completed an initial public offering of 28,750,000 units at $10.00 per unit, for gross proceeds of $287,500,000. It also sold 9,763,333 private placement warrants at $1.50 per warrant, for gross proceeds of $14,645,000. A total of $294,687,500 was placed in a trust account. Most of that money left. When shareholders voted to extend the deadline for a deal from May 23, 2023 to May 23, 2024, holders of approximately 26,946,271 Class A ordinary shares redeemed their shares for a share of the trust. Approximately 1,803,729 Class A ordinary shares remained outstanding after the redemptions. The report said the company had to complete a business combination by May 23, 2024, or by the end of any extension period, or its existence would terminate and it would distribute the trust account. On December 26, 2023 it had signed a merger agreement with a different target, Visiox Pharmaceuticals, Inc., with Ryan Bleeks as seller representative. The 10-K says the SPAC's team was led by Suren Ajjarapu. ## Going-concern doubt The auditor's report in that 10-K says the company had no approved plan to extend the deadline or to fund operations after May 23, 2024 if it could not complete a business combination by that date. It said those matters "raise substantial doubt about the Company's ability to continue as a going concern." The company also said it could not give any assurance that new financing would be available on commercially acceptable terms, if at all. The late notice now adds a missed filing date to that history. It offers no figures for 2024 and no reason for the delay beyond the need for more time on the financial statements. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story ASBP Aspire-Lakewood Holdings, Inc. 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Cite as: aibio.space, "Aspire Biopharma Holdings (now Aspire-Lakewood Holdings) files NT 10-K", 2025-03-31, https://aibio.space/news/aspire-biopharma-holdings-now-aspire-lakewood-holdings-files-nt-10/