Aspire closes $30.0 million cash acquisition and enters $22.5 million revolver

Aspire Biopharma Holdings, Inc. (Nasdaq: ASBP) said on August 10, 2026 that it had completed its acquisition of Dura Driver Control Systems, which the release calls DCS, a tier-one supplier of automotive systems. Aspire bought 100% of DCS's issued and outstanding shares for approximately $30.0 million in cash. DCS is now a wholly owned subsidiary. The release says DCS CEO Hans Vorstenbosch will continue to lead the subsidiary, with the existing DCS management team under Gregory J. Corona, chairman of Lakewood & Company.

The revolver and how it will be funded

In connection with the acquisition, Aspire entered into a $22.5 million senior secured revolving credit facility, which the release calls the New Revolving Facility. Aspire intends to use borrowings under that facility and cash on hand to fund the acquisition consideration. The release names no lender for the facility, and it names no placement agent or underwriter for it.

The release names RBW Capital Partners LLC as exclusive financial advisor to Aspire on the acquisition. It says any securities or brokerage services are offered through Dawson James Securities, Inc. The release gives no interest rate, maturity, covenants, collateral or drawn amount for the revolver.

DCS and its figures

The release describes DCS as a designer and manufacturer of electronic driver control systems for automotive and industrial use. It says DCS operates 11 manufacturing facilities, has more than 50 customers and a top-10 OEM relationship that averages 28 years, supports more than 150 vehicle platforms, and holds over 275 distinct parts and more than 310 patents.

The DCS figures are unaudited. The release says DCS generated revenue of approximately $209.5 million in 2025 and Adjusted EBITDA of approximately $22.3 million. For the six months ended June 30, 2026, it reports revenue of approximately $103.9 million and Adjusted EBITDA of approximately $10.5 million. Adjusted EBITDA is a non-GAAP measure, defined as earnings before interest, income tax, depreciation and amortization, with specified adjustments. The release does not reconcile it to net income.

Aspire's own business and finances

The 10-K describes Aspire as an early-stage biopharmaceutical company developing a patent-pending sublingual delivery technology. Its lead product is a high-dose sublingual aspirin. A July 2025 clinical study enrolled six healthy adult volunteers, and the company says it showed faster aspirin absorption into the blood than oral tablets. The company plans a 505(b)(2) submission to the FDA in late 2026. It says it has no licensing or collaboration agreements. A study of six volunteers measures how a drug reaches the bloodstream. It does not test whether the drug treats any disease.

Revenue was $6,202 in 2025. Research and development expense was $923,914 in 2025, against $144,356 in 2024. The net loss was $24.5 million in 2025, against $1.3 million in 2024. Cash used in operations was $4.9 million in 2025, against $265,186 in 2024. These annual figures come from a 10-K/A filed April 8, 2026. Against Aspire's own 2025 revenue of $6,202, the target's reported revenue of approximately $209.5 million is far larger, and the company's chief executive called the closing "a cash-flow-positive milestone that structurally enhances Aspire's valuation".

Aspire is paying $30.0 million in cash for a business whose figures are unaudited, and it is funding that price with a $22.5 million secured revolver that has no named lender and no terms in the release. Aspire used $4.9 million in operations in 2025, and the release does not say how much of the revolver is drawn.

Report an error

Companies in this story

ASBPAspire-Lakewood Holdings, Inc.NASDAQ · United StatesOpen the starter desk