Mountain & Co. I Acquisition Corp.: debt financing — Mountain & Co. I Acquisition Corp. raises $1.2M via convertible notes to extend SPAC deadline to March 9, 2024

Mountain & Co. I Acquisition Corp.

Entered $1.2M convertible note financing with accredited investors to fund trust account extension through March 9, 2024.
Notes carry 8% non-compounding interest; principal convertible at 0.3x into post-business combination shares.
Investors waived all claims against trust account; notes forgiven if no business combination consummated.
Extension deposits total $1.8M ($300k/month from Sep 2023 through Feb 2024).

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

Mountain & Co. I Acquisition Corp. incurred convertible notes of $1.2 million with several accredited investors at 8% per annum maturing earlier of consummation of initial business combination or liquidation of the Company.

Instrument: convertible notes
Principal: $1.2 million
Counterparty: several accredited investors
Rate: 8% per annum
Maturity: earlier of consummation of initial business combination or liquidation of the Company
Event: incurrence

Exact text from the filing

The aggregate deposit includes $1.2 million for the four calendar months ended February 2024, loaned to the Company by several accredited investors in a private financing transaction that closed during the period from February 20, 2024 to February 23, 2024 (the “ Financing ”).

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

Mountain & Co. I Acquisition Corp. entered into Convertible Promissory Note with several accredited investors valued at $1,200,000 (effective 2024-02-20).

Action: entry
Agreement: notes offering
Counterparty: several accredited investors
Value: $1,200,000
Effective: 2024-02-20

Exact text from the filing

In connection with the Financing, the Company issued to each investor a convertible promissory note (each such note, a “ Convertible Note ”) evidencing the outstanding balance under such investor’s loan.

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Source: SEC EDGAR

accession 0001104659-24-027539

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