Aquaron Acquisition Corp.: debt financing — Aquaron Acquisition Corp. extends business combination deadline to Jan 6, 2024 with $210K trust deposit

Aquaron Acquisition Corp.

Bestpath IoT Technology Ltd. deposited $210,000 into trust account to extend deadline by three months to January 6, 2024.
Company issued non-interest-bearing promissory note for $210,000 convertible into common stock at $10.00 per unit.
Extension provides additional time to complete a business combination; original deadline was October 6, 2023.
Trust deposit is unsecured and matures upon closing of a business combination.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Aquaron Acquisition Corp. incurred loan of $210,000 with Bestpath IoT Technology Ltd. at does not bear interest maturing upon closing of a business combination by the Company.

Instrument: loan
Principal: $210,000
Counterparty: Bestpath IoT Technology Ltd.
Rate: does not bear interest
Maturity: upon closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On October 3, 2023, Aquaron Acquisition Corp. (the “ Company ”) issued an unsecured promissory note in the aggregate principal amount of $210,000 (the “ Note ”) to Bestpath IoT Technology Ltd. (“ Bestpath ”) in exchange for Bestpath depositing such amount into the Company’s trust account in order to extend the amount of time it has available to complete a business combination.

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Source: SEC EDGAR

accession 0001013762-23-001091

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