Atlantic Coastal Acquisition Corp.: debt financing — Atlantic Coastal Acquisition extends deadline to close business combination to August 8, 2023

Atlantic Coastal Acquisition Corp.

Sponsor deposited $80,000 into trust account to fund one-month extension from July 8 to August 8, 2023.
Company issued an $80,000 non-interest bearing convertible promissory note to sponsor.
Sponsor may convert loan into Class A common stock at $10.00 per share upon business combination close.
If no business combination, loan repaid only from funds outside trust or forfeited.
This is the second monthly extension; prior extension ran from June 8 to July 8, 2023.

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

Atlantic Coastal Acquisition Corp. incurred loan of $80,000 with Atlantic Coastal Acquisition Management LLC at non-interest bearing.

Instrument: loan
Principal: $80,000
Counterparty: Atlantic Coastal Acquisition Management LLC
Rate: non-interest bearing
Event: incurrence

Exact text from the filing

On July 3, 2023, Atlantic Coastal Acquisition Corp. (the “Company”) issued a non-interest bearing, unsecured promissory note in the aggregate principal amount of $80,000 (the "Note") to Atlantic Coastal Acquisition Management LLC, the Company’s initial public offering sponsor (the “Sponsor”).

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Source: SEC EDGAR

accession 0001104659-23-079184

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