CONX Corp.: debt financing — CONX Corp. extends business combination deadline to May 2024, secures $550k sponsor note; ~$6.3M in redemptions

CONX Corp.

Shareholders approved extension of business combination deadline from Nov 3, 2023 to May 3, 2024.
607,993 shares redeemed for approx. $6.3M ($10.42/share) from trust account.
Amended promissory note with sponsor nXgen Opportunities increased principal from $250k to $550k, non-interest bearing.
Note matures at earlier of business combination or liquidation; proceeds for working capital, repaid outside trust.
Over 96% of outstanding shares voted in favor of extension; quorum of 2,728,262 shares present.

item 1.01 item 2.03 item 5.03 item 5.07 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

CONX Corp. incurred loan of up to $550,000 with nXgen Opportunities, LLC at does not bear interest maturing earlier of the date of consummation of the Business Combination and the liquidation of the Company.

Instrument: loan
Principal: up to $550,000
Counterparty: nXgen Opportunities, LLC
Rate: does not bear interest
Maturity: earlier of the date of consummation of the Business Combination and the liquidation of the Company
Event: incurrence

Exact text from the filing

On November 2, 2023, CONX Corp. (the “Company”) issued an amended and restated promissory note (the “Restated Note”) in the principal amount of up to $550,000 to nXgen Opportunities, LLC, the Company’s sponsor (“Sponsor”).

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

CONX Corp.: Amended articles to extend business combination deadline from November 3, 2023 to May 3, 2024 (effective 2023-11-03).

Change: charter amendment
Effective: 2023-11-03

Exact text from the filing

On November 3, 2023, the Company filed an amendment (the “Extension Amendment”) to the Company’s Amended and Restated Articles of Incorporation (the “Amended and Restated Articles”) with the Secretary of State of the State of Nevada. The Extension Amendment extends the date by which the Company must consummate its initial business combination from November 3, 2023 to May 3, 2024.

View on SEC.gov

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

CONX Corp. amended Restated Note with nXgen Opportunities, LLC (Sponsor) valued at up to $550,000 (effective 2023-11-02).

Action: amendment
Agreement: credit facility
Counterparty: nXgen Opportunities, LLC (Sponsor)
Value: up to $550,000
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, CONX Corp. (the “Company”) issued an amended and restated promissory note (the “Restated Note”) in the principal amount of up to $550,000 to nXgen Opportunities, LLC, the Company’s sponsor (“Sponsor”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-23-115776

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