DevvStream Corp. (DEVS): debt financing — SPAC Focus Impact Acquisition draws $487,500 from sponsor loan to extend business combination deadline

DevvStream Corp.

Issued an unsecured promissory note to sponsor Focus Impact Sponsor, LLC for up to $1,500,000.
Initial draw of $487,500 deposited into trust account to fund extension of business combination deadline.
Note bears no interest, matures upon consummation of a business combination, and is convertible into warrants at $1.00 per warrant.
Additional draws up to $1,012,500 available subject to future requests for up to nine one-month extensions.
If no business combination occurs, repayment is limited to funds outside the trust account; amounts otherwise forfeited.

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

DevvStream Corp. incurred loan of up to $1,500,000 with Focus Impact Sponsor, LLC at does not bear interest maturing matures upon closing of the Company's initial business combination.

Instrument: loan
Principal: up to $1,500,000
Counterparty: Focus Impact Sponsor, LLC
Rate: does not bear interest
Maturity: matures upon closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

on May 9, 2023, the Company issued an unsecured promissory note in the total principal amount of up to $1,500,000 (the “Promissory Note”) to the Sponsor and the Sponsor funded the initial principal amount of $487,500. The Promissory Note does not bear interest and matures upon closing of the Company’s initial business combination.

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DevvStream Corp. filing history →

Source: SEC EDGAR

accession 0001140361-23-023712

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