OCA Acquisition Corp.: debt financing — OCA Acquisition Corp. draws $90K for seventh one-month extension to Nov 20, 2023

OCA Acquisition Corp.

Draw of $90,000 under promissory note to extend business combination deadline from Oct 20 to Nov 20, 2023.
Seventh of nine permitted one-month extensions under amended charter.
Note outstanding balance $900,000 as of Oct 20; no interest, matures upon combination.
Up to $1,080,000 of note may be converted into warrants at $1.00 per warrant.

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

OCA Acquisition Corp. incurred loan of $90,000 with OCA Acquisition Holdings LLC at does not bear interest maturing upon closing of the Company’s initial business combination.

Instrument: loan
Principal: $90,000
Counterparty: OCA Acquisition Holdings LLC
Rate: does not bear interest
Maturity: upon closing of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On October 17, 2023, the board of directors of OCA Acquisition Corp., a Delaware corporation (the “ Company ”), approved a draw of an aggregate of $90,000 (the “ Extension Funds ”) pursuant to the Promissory Note, dated as of January 19, 2023, between the Company and OCA Acquisition Holdings LLC (the “ Note ”), which Extension Funds the Company deposited into the Company’s trust account for its public stockholders on October 20, 2023.

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Source: SEC EDGAR

accession 0001013762-23-005465

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