8-K
filed October 24, 2023, 7:59 PM ET
CIK 0001882963
other material
confidence high
sentiment neutral
materiality 0.65
AIB Acquisition Corp: debt financing — AIB Acquisition Corp extends deadline to Jan 2025, secures $750K sponsor loan; shareholders approve
AIB Acquisition Corp
- Shareholders approved extension of business combination deadline from Oct 21, 2023 to Jan 21, 2025.
- Sponsor AIB LLC provides up to $750,000 promissory note to fund monthly trust deposits of $50,000.
- 2,156,249 Class B ordinary shares converted to Class A ordinary shares by sponsor.
- 16,501 shares redeemed for ~$185,030 ($11.21 per share) after extension vote.
- First $50,000 installment deposited into trust; account holds ~$11.26 per remaining public share.
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
AIB Acquisition Corp incurred loan of aggregate principal amount of up to $750,000 with AIB LLC at no interest maturing upon the earlier of (a) the date of the consummation of the Business Combination, and (b) the date of the liquidation of the Company.
- Instrument
- loan
- Principal
- aggregate principal amount of up to $750,000
- Counterparty
- AIB LLC
- Rate
- no interest
- Maturity
- upon the earlier of (a) the date of the consummation of the Business Combination, and (b) the date of the liquidation of the Company
- Event
- incurrence
Exact text from the filing
On October 19, 2023, AIB Acquisition Corporation (the “ Company ”) issued a promissory note (the “ Note ”) in the aggregate principal amount of up to $750,000 to AIB LLC, a Delaware limited liability company, the Company’s sponsor (the “ Extension Funds ”), pursuant to which the Extension Funds will be deposited into the Company’s trust account (the “ Trust Account ”) for the benefit of each outstanding Class A ordinary share of the Company (“ Public Share ”) that was not redeemed in connection with the extension of the Company’s termination date from October 21, 2023 to January 21, 2025.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.95
AIB Acquisition Corp: Shareholders approved an amendment to extend the date by which the company must consummate an initial business combination from October 21, 2023 to January 21, 2025 (effective 2023-10-19).
- Change
- charter amendment
- Effective
- 2023-10-19
Exact text from the filing
a proposal to amend the Company’s second amended and restated memorandum and articles of association (the “ Charter Amendment ”) to extend the date by which the Company has to consummate an initial business combination from October 21, 2023 to January 21, 2025, or such earlier date as determined by the board of directors (the “ Extension Amendment Proposal ”);
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AIB Acquisition Corp entered into Promissory Note with AIB LLC valued at up to $750,000 (effective 2023-10-19).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- AIB LLC
- Value
- up to $750,000
- Effective
- 2023-10-19
Exact text from the filing
On October 19, 2023, AIB Acquisition Corporation (the “ Company ”) issued a promissory note (the “ Note ”) in the aggregate principal amount of up to $750,000 to AIB LLC, a Delaware limited liability company, the Company’s sponsor (the “ Extension Funds ”), pursuant to which the Extension Funds will be deposited into the Company’s trust account (the “ Trust Account ”) for the benefit of each outstanding Class A ordinary share of the Company (“ Public Share ”) that was not redeemed in connection with the extension of the Company’s termination date from October 21, 2023 to January 21, 2025.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
AIB Acquisition Corp shareholders approved Ratify the selection of UHY LLP as independent registered public accounting firm for the year ending December 31, 2023 at the 2023-10-19 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-10-19
Exact text from the filing
a proposal to ratify the selection by the Company’s audit committee of the board of directors of UHY LLP to serve as its independent registered public accounting firm for the year ending December 31, 2023 (the “ Auditor Ratification Proposal ”);
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
AIB Acquisition Corp shareholders approved Amend the second amended and restated memorandum and articles of association to extend the date to consummate an initial business combination from October 21, 2023 to January 21, 2025 at the 2023-10-19 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-10-19
Exact text from the filing
a proposal to amend the Company’s second amended and restated memorandum and articles of association (the “ Charter Amendment ”) to extend the date by which the Company has to consummate an initial business combination from October 21, 2023 to January 21, 2025, or such earlier date as determined by the board of directors (the “ Extension Amendment Proposal ”);
View on SEC.gov
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