Nabors Energy Transition Corp.: debt financing — NETC extends business combination deadline to Oct 18, receives $295.5K loan from affiliate

Nabors Energy Transition Corp.

Deadline extended from Sep 18 to Oct 18, 2023 to allow more time to close Vast Solar deal.
Sponsor affiliate Nabors Lux deposited $295,519.23 into trust account via non-interest-bearing loan.
Loan repayable from trust proceeds upon deal close or convertible to warrants at $1.00 each.
If no deal, repayment only from funds outside trust account.
Proposed business combination with Vast Solar Pty Ltd remains pending.

item 1.01 item 2.03 item 3.02 item 8.01 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

Nabors Energy Transition Corp. incurred loan of $295,519.23 with Nabors Lux 2 S.a.r.l. at no interest maturing upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the liquidation of the Company on or before.

Instrument: loan
Principal: $295,519.23
Counterparty: Nabors Lux 2 S.a.r.l.
Rate: no interest
Maturity: upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the liquidation of the Company on or before
Event: incurrence

Exact text from the filing

On September 14, 2023, the Company issued an unsecured promissory note (the “Note”) to Nabors Lux 2 S.a.r.l., a private limited liability company (société à responsabilité limitée) incorporated in the Grand Duchy of Luxembourg (“Nabors Lux”), in the principal amount of $295,519.23

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

Nabors Energy Transition Corp. entered into Note with Nabors Lux 2 S.a.r.l. valued at $295,519.23 (effective 2023-09-14).

Action: entry
Counterparty: Nabors Lux 2 S.a.r.l.
Value: $295,519.23
Effective: 2023-09-14

Exact text from the filing

On September 14, 2023, the Company issued an unsecured promissory note (the “Note”) to Nabors Lux 2 S.a.r.l., a private limited liability company (société à responsabilité limitée) incorporated in the Grand Duchy of Luxembourg (“Nabors Lux”), in the principal amount of $295,519.23 in connection with the Extension (as defined below).

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Source: SEC EDGAR

accession 0001104659-23-100806

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