Eucrates Biomedical Acquisition Corp.: debt financing — Eucrates Biomedical draws additional $150k from sponsor promissory note

Eucrates Biomedical Acquisition Corp.

Company drew $150,000 on March 31, 2023 under unsecured promissory note from sponsor Eucrates LLC.
Total drawn now $246,000 (previously $96,000 drawn on Feb 15, 2023); maximum borrowing $500,000.
Note is non-interest bearing; convertible into units at $10.00 per unit at sponsor's option.
Repayment from working capital outside trust if no business combination; if completed, from company funds.

item 2.03

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

Eucrates Biomedical Acquisition Corp. incurred loan of $150,000 with Eucrates LLC at does not bear any interest.

Instrument: loan
Principal: $150,000
Counterparty: Eucrates LLC
Rate: does not bear any interest
Event: incurrence

Exact text from the filing

On March 31, 2023, the Company drew an additional $150,000 on the Promissory Note.

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Source: SEC EDGAR

accession 0001104659-23-040852

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