Financial Strategies Acquisition Corp.: debt financing — FXCO draws $50K from promissory note to extend merger deadline to June 14, 2023

Financial Strategies Acquisition Corp.

Fifth $50,000 drawdown under $600,000 promissory note from co-sponsor affiliate.
Proceeds deposited into trust account to extend Business Combination deadline from May 14 to June 14, 2023.
Note matures upon earlier of Business Combination close or liquidation; lender can convert into private units at $10.00 per unit.
This is the fifth of up to 12 monthly $50,000 drawdowns allowed.

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 up to $600,000 with an affiliate of its co-sponsors, Temmelig Investor LLC at does not bear interest maturing upon the earlier of (a) the closing of a Business Combination and (b) the Company's liquidation.

Instrument: loan
Principal: up to $600,000
Counterparty: an affiliate of its co-sponsors, Temmelig Investor LLC
Rate: does not bear interest
Maturity: upon the earlier of (a) the closing of a Business Combination and (b) the Company's liquidation
Event: incurrence

Exact text from the filing

issued an unsecured promissory note in the principal amount of $600,000 (the “Promissory Note”) to an affiliate of its co-sponsors, Temmelig Investor LLC, a Delaware limited liability company (the “Lender”), pursuant to which the Lender agreed to loan to the Company up to $600,000

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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.

Instrument: loan
Principal: $50,000
Counterparty: Temmelig Investor LLC
Rate: does not bear interest
Event: incurrence

Exact text from the filing

On May 12, 2023, the Company effected the fifth drawdown of $50,000 under the Promissory Note

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Source: SEC EDGAR

accession 0001104659-23-061365

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