Generation Asia I Acquisition Ltd: debt financing — SPAC Generation Asia I issues $550k promissory note to sponsor for working capital and extension

Generation Asia I Acquisition Ltd

Issued $550,000 non-convertible unsecured promissory note to Generation Asia LLC (sponsor).
Note bears no interest; principal repayable upon consummation of a business combination.
Funds support working capital and monthly extension payments up to July 23, 2024.
Sponsor advances are discretionary; note is intended to extend business combination period.

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 $550,000 with Generation Asia LLC at no interest maturing upon the consummation of a business combination.

Instrument: loan
Principal: $550,000
Counterparty: Generation Asia LLC
Rate: no interest
Maturity: upon the consummation of a business combination
Event: incurrence

Exact text from the filing

On February 6, 2024, 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 $550,000 (the “ Promissory Note ”).

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Source: SEC EDGAR

accession 0000950170-24-012241

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