Financial Strategies Acquisition Corp.: debt financing — Financial Strategies Acquisition Corp. extends termination date to July 14, 2023 with $50k trust deposit

Financial Strategies Acquisition Corp.

Termination date extended one month from June 14 to July 14, 2023 to allow more time for a business combination.
Lender Temmelig Investor LLC deposited $50,000 ($0.081 per unredeemed share) into the trust account.
Deposit drawn from existing $600,000 unsecured promissory note issued December 9, 2022.
Board may extend monthly until December 14, 2023 with additional $50,000 deposits each month.
Promissory note bears no interest; convertible into private units at $10.00 per unit upon a business combination.

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 upon 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: upon the earlier of (a) the closing of a Business Combination and (b) the Company’s liquidation
Event: incurrence

Exact text from the filing

On June 13, 2023, the Company effected the seventh drawdown of $50,000 under the Promissory Note and caused the Lender to deposit such sum into the Trust Account in connection with the extension of the Termination Date from June 14, 2023 to July 14, 2023.

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Source: SEC EDGAR

accession 0001104659-23-071594

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