iCoreConnect Inc.: debt financing — FGMC extends deadline to Sep 1, 2023; issues $805K in promissory notes

iCoreConnect Inc.

Deposited $805,000 into trust account to extend business combination deadline to Sep 1, 2023.
Issued $405,000 sponsor note to FG Merger Investors LLC, convertible at $10/unit.
Issued $400,000 in target notes to lenders (incl. iCoreConnect affiliates); guaranteed by iCoreConnect.
Notes due upon business combination; convertible into private units at $10/unit.
Extension provides additional time to complete proposed merger with iCoreConnect.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

iCoreConnect Inc. incurred loan of $400,000 with several lenders, including certain affiliates of iCoreConnect Inc. at non-interest bearing maturing upon FGMC’s consummation of an initial business combination.

Instrument: loan
Principal: $400,000
Counterparty: several lenders, including certain affiliates of iCoreConnect Inc.
Rate: non-interest bearing
Maturity: upon FGMC’s consummation of an initial business combination
Event: incurrence

Exact text from the filing

Also on May 31, 2023, FGMC issued non-interest bearing unsecured promissory notes in the aggregate principal amount of $400,000 (collectively, the “ Target Notes ”) to several lenders, including certain affiliates of iCoreConnect Inc.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

iCoreConnect Inc. incurred loan of $405,000 with FG Merger Investors LLC at non-interest bearing maturing upon FGMC’s consummation of an initial business combination.

Instrument: loan
Principal: $405,000
Counterparty: FG Merger Investors LLC
Rate: non-interest bearing
Maturity: upon FGMC’s consummation of an initial business combination
Event: incurrence

Exact text from the filing

On May 31, 2023, FG Merger Corp. (“ FGMC ”) issued a non-interest bearing unsecured promissory note in the aggregate principal amount of $405,000 (the “ Sponsor Note ”) to FG Merger Investors LLC, the Company’s initial public offering sponsor (“ Sponsor ”).

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Source: SEC EDGAR

accession 0001104659-23-067282

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