Financial Strategies Acquisition Corp.: debt financing — Financial Strategies Acquisition draws $50K to extend SPAC deadline to May 14

Financial Strategies Acquisition Corp.

Fifth drawdown of $50,000 under existing $600,000 promissory note with affiliate co-sponsor.
Proceeds deposited into trust account; extends termination date from April 14 to May 14, 2023.
Note matures at earlier of business combination or liquidation; may convert into private units at $10.00 per unit.
Repayment only from non-trust funds if no deal; amounts to be distributed to public shareholders upon liquidation or redemption.

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

Financial Strategies Acquisition Corp. incurred loan of $50,000 with Temmelig Investor LLC at does not bear interest maturing the earlier of (a) the closing of a Business Combination and (b) the Company’s liquidation.

Instrument: loan
Principal: $50,000
Counterparty: Temmelig Investor LLC
Rate: does not bear interest
Maturity: the earlier of (a) the closing of a Business Combination and (b) the Company’s liquidation
Event: incurrence

Exact text from the filing

On April 11, 2023, the Company effected the fifth drawdown of $50,000 under the Promissory Note

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Source: SEC EDGAR

accession 0001104659-23-044024

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