iCoreConnect Inc.: debt financing — FG Merger Corp. amends sponsor note, increases max drawdown to $505k

iCoreConnect Inc.

Amended and restated promissory note with sponsor FG Merger Investors LLC on June 23, 2023.
Maximum outstanding drawdown increased from $405k to $505k under amended note.
Note is non-interest bearing and payable upon consummation of a business combination.
Sponsor may convert outstanding principal into private units at $10.00 per unit.
Note terminates if no business combination is completed; no recourse to trust account.

item 1.01 item 2.03 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 0.9

iCoreConnect Inc. amended debt of from $405,000 to $505,000 with FG Merger Investors LLC.

Principal: from $405,000 to $505,000
Counterparty: FG Merger Investors LLC
Event: amendment

Exact text from the filing

increase the maximum amount of drawdowns that may be outstanding under the note from $405,000 to $505,000

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

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

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

Exact text from the filing

issued a non-interest bearing unsecured promissory note in the aggregate principal amount of $405,000 (the “ Sponsor Note ”) to FG Merger Investors LLC

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Source: SEC EDGAR

accession 0001104659-23-075876

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