Generation Asia I Acquisition Ltd: debt financing — Generation Asia I Acquisition secures $870K sponsor note to extend deadline to August 23, 2023

Generation Asia I Acquisition Ltd

Issued $870,000 non-convertible unsecured promissory note to sponsor Generation Asia LLC; interest-free.
$125,000 deposited into trust account to extend business combination deadline by one month to Aug 23, 2023.
Promissory note repayable in full upon consummation of initial business combination.
Extension approved by shareholders on July 13, 2023; first of up to 12 monthly contributions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Generation Asia I Acquisition Ltd incurred loan of $870,000 with Generation Asia LLC at bears no interest maturing repayable in full upon the consummation of a business combination.

Instrument: loan
Principal: $870,000
Counterparty: Generation Asia LLC
Rate: bears no interest
Maturity: repayable in full upon the consummation of a business combination
Event: incurrence

Exact text from the filing

On July 21, 2023, Generation Asia I Acquisition Limited, a Cayman Islands exempted company (the " Company "), issued a non-convertible unsecured promissory note to Generation Asia LLC, a Cayman Islands limited liability company (the " Sponsor "), for a collective principal amount of $870,000 (the " Promissory Note ").

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Source: SEC EDGAR

accession 0000950170-23-033843

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