ACCRETION ACQUISITION CORP.: debt financing — Accretion Acquisition Corp. issues $185K in promissory notes to sponsor; extends deadline to Sept. 25, 2023

ACCRETION ACQUISITION CORP.

Issued $80,000 unsecured Extension Note to sponsor to fund one-month extension of business combination deadline to Sept. 25, 2023.
Issued $105,000 unsecured Working Capital Note to sponsor for general working capital needs.
Notes bear no interest; due upon earlier of liquidation or closing of initial business combination, or forgiven if no deal occurs.
Board approved extension per previously amended charter allowing up to five monthly extensions through Dec. 25, 2023.
Company still seeking initial business combination; funds provided to trust account and for operational liquidity.

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

ACCRETION ACQUISITION CORP. incurred loan of $80,000 with Accretion Acquisition Sponsor, LLC at no interest maturing upon the earlier of (a) the liquidation of the Company and (b) the closing date on which the Company consummates a merger, capital stock exchange, asset acquisi.

Instrument: loan
Principal: $80,000
Counterparty: Accretion Acquisition Sponsor, LLC
Rate: no interest
Maturity: upon the earlier of (a) the liquidation of the Company and (b) the closing date on which the Company consummates a merger, capital stock exchange, asset acquisi
Event: incurrence

Exact text from the filing

On August 21, 2023, Accretion Acquisition Corp. (the “Company”) issued (i) an unsecured promissory note (the “Extension Note”) to Accretion Acquisition Sponsor, LLC (the “Sponsor”) in the principal amount of $80,000

View on SEC.gov

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

ACCRETION ACQUISITION CORP. incurred loan of $105,000 with Accretion Acquisition Sponsor, LLC at no interest maturing upon the earlier of (a) the liquidation of the Company and (b) the closing date on which the Company consummates a merger, capital stock exchange, asset acquisi.

Instrument: loan
Principal: $105,000
Counterparty: Accretion Acquisition Sponsor, LLC
Rate: no interest
Maturity: upon the earlier of (a) the liquidation of the Company and (b) the closing date on which the Company consummates a merger, capital stock exchange, asset acquisi
Event: incurrence

Exact text from the filing

an unsecured promissory note (the “Working Capital Note” and together with the Extension Note, the “Notes”) to the Sponsor in the principal amount of $105,000 for working capital purposes

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ACCRETION ACQUISITION CORP. entered into Extension Note with Accretion Acquisition Sponsor, LLC valued at $80,000 (effective 2023-08-21).

Action: entry
Agreement: notes offering
Counterparty: Accretion Acquisition Sponsor, LLC
Value: $80,000
Effective: 2023-08-21

Exact text from the filing

On August 21, 2023, Accretion Acquisition Corp. (the “Company”) issued (i) an unsecured promissory note (the “Extension Note”) to Accretion Acquisition Sponsor, LLC (the “Sponsor”) in the principal amount of $80,000 in connection with the Extension (as defined below)

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ACCRETION ACQUISITION CORP. entered into Working Capital Note with Accretion Acquisition Sponsor, LLC valued at $105,000 (effective 2023-08-21).

Action: entry
Agreement: notes offering
Counterparty: Accretion Acquisition Sponsor, LLC
Value: $105,000
Effective: 2023-08-21

Exact text from the filing

On August 21, 2023, Accretion Acquisition Corp. (the “Company”) issued (i) an unsecured promissory note (the “Extension Note”) to Accretion Acquisition Sponsor, LLC (the “Sponsor”) in the principal amount of $80,000 in connection with the Extension (as defined below) and (ii) an unsecured promissory note (the “Working Capital Note” and together with the Extension Note, the “Notes”) to the Sponsor in the principal amount of $105,000 for working capital purposes.

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-23-094235

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