Bite Acquisition Corp.: debt financing — Bite Acquisition Corp. enters up to $2M promissory note with sponsor, replacing prior $700K note

Bite Acquisition Corp.

Principal up to $2M, non-interest bearing, due at initial business combination.
Replaces and supersedes prior $700K promissory note from June 2022.
Sponsor may convert up to $1.5M of principal into units at $10/unit on business combination.
Note is unsecured; proceeds for working capital; customary events of default apply.
Sponsor waives any claim against the trust account for repayment.

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

Bite Acquisition Corp. incurred loan of up to $2,000,000 with Smart Dine LLC (the "Sponsor") at does not bear interest maturing the date on which the Company consummates its initial business combination.

Instrument: loan
Principal: up to $2,000,000
Counterparty: Smart Dine LLC (the "Sponsor")
Rate: does not bear interest
Maturity: the date on which the Company consummates its initial business combination
Event: incurrence

Exact text from the filing

On March 23, 2023, Bite Acquisition Corp. (the "Company") issued an unsecured promissory note (the "Note") in the principal amount of up to $2,000,000 to Smart Dine LLC (the "Sponsor"), a significant stockholder of the Company, which may be drawn down from time to time prior to the Maturity Date (defined below) upon request by the Company.

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Source: SEC EDGAR

accession 0001104659-23-038324

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