Papaya Growth extends business combination deadline to Jan 2025; $17.4M in redemptions

Papaya Growth Opportunity Corp. I

Stockholders approved extending combination period from Feb 19, 2024 to Jan 19, 2025 via monthly deposits of $30,000 or $0.0225 per share.
Sponsor issued a $1.2M promissory note to fund extension deposits; non-interest bearing, due on business combination, forgiven if no deal.
1,592,678 public shares redeemed at ~$10.9438/share for ~$17.43M; 710,529 public shares remain outstanding.
Sponsor converted all Class B shares to Class A on a one-for-one basis, waiving rights to trust account proceeds.

item 1.01 item 5.03 item 5.07 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

Papaya Growth Opportunity Corp. I: Stockholders approved a charter amendment at the Special Meeting.

Change: charter amendment

Exact text from the filing

At the Special Meeting, the Company’s stockholders approved the Charter Amendment

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

Papaya Growth Opportunity Corp. I entered into Promissory Note with Papaya Growth Opportunity I Sponsor, LLC valued at up to an aggregate principal amount of $1.2 million (effective 2024-02-16).

Action: entry
Agreement: credit facility
Counterparty: Papaya Growth Opportunity I Sponsor, LLC
Value: up to an aggregate principal amount of $1.2 million
Effective: 2024-02-16

Exact text from the filing

On February 16, 2024, the Company issued a promissory note (the “Promissory Note”) to Papaya Growth Opportunity I Sponsor, LLC (the “Lender”), the Company’s sponsor. Pursuant to the Promissory Note, the Lender agreed to loan the Company up to an aggregate principal amount of $1.2 million.

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Source: SEC EDGAR

accession 0001104659-24-025496

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