Papaya Growth Opportunity Corp. I: debt financing — Papaya Growth extends deadline to Oct 2023; holders redeem 18.9M shares (~$196M)

Papaya Growth Opportunity Corp. I

Shareholders approved extension to October 19, 2023, with up to six one-month extensions.
Sponsor loan facility of up to $2.8M; $331,185 borrowed as of filing date.
18,885,901 shares redeemed at ~$10.3988/share, aggregate ~$196.4M.
Following redemptions, 9,864,099 public Class A shares remain outstanding.

item 1.01 item 5.07 item 2.03 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Papaya Growth Opportunity Corp. I incurred loan of $2.8 million with Papaya Growth Opportunity I Sponsor, LLC at non-interest bearing maturing the date on which the Company consummates a business combination.

Instrument: loan
Principal: $2.8 million
Counterparty: Papaya Growth Opportunity I Sponsor, LLC
Rate: non-interest bearing
Maturity: the date on which the Company consummates a business combination
Event: incurrence

Exact text from the filing

On April 17, 2023, the Company issued a promissory note (the “Promissory Note”) to Papaya Growth Opportunity I Sponsor, LLC (the “Lender”), the Company’s sponsor. Pursuant to the Promissory Note, the Lender agreed to loan the Company up to an aggregate principal amount of $2.8 million.

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Source: SEC EDGAR

accession 0001104659-23-052193

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