Acri Capital Acquisition Corp: debt financing — Acri Capital extends business combination deadline to Nov 14 with $75K sponsor note

Acri Capital Acquisition Corp

Fourth of nine possible monthly extensions; deadline moved from Oct 14 to Nov 14, 2023.
Sponsor deposited $75,000 into trust account via non-interest-bearing promissory note.
Note is convertible into private placement warrants at $1.00 per warrant, payable at closing or liquidation.
Company remains in search of an initial business combination target.
Extension funded by sponsor, no dilution to public shareholders at this time.

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

Acri Capital Acquisition Corp incurred debt of $75,000 with Acri Capital Sponsor LLC at non-interest bearing maturing earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.

Principal: $75,000
Counterparty: Acri Capital Sponsor LLC
Rate: non-interest bearing
Maturity: earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

o its sponsor, Acri Capital Sponsor LLC (the “ Sponsor ”). The Note is non-interest bearing and payable (subject to the waiver against trust provisions) on the earlier of (i) consummation of the Company’s

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Source: SEC EDGAR

accession 0001013762-23-003570

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