Enphys Acquisition Corp.: debt financing — Enphys Acquisition Corp extends business combination deadline to Feb 8, 2024 via $400K sponsor note

Enphys Acquisition Corp.

Entered $400K promissory note with sponsor for monthly trust deposits to extend deadline from Oct 8, 2023 to Feb 8, 2024.
Note is non-interest bearing and non-convertible; principal due upon completion of a business combination.
Sponsor to deposit up to $100K/month (or $0.025 per share) into trust, maximum aggregate $400K.
If no business combination, note will be repaid only from funds outside the trust account.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Enphys Acquisition Corp. incurred loan of maximum aggregate amount of Deposits shall be $400,000 with Enphys Acquisition Sponsor LLC maturing February 8, 2024.

Instrument: loan
Principal: maximum aggregate amount of Deposits shall be $400,000
Counterparty: Enphys Acquisition Sponsor LLC
Maturity: February 8, 2024
Event: incurrence

Exact text from the filing

until the earlier of (i) the Company’s completion of a business combination and (ii) February 8, 2024 (the “Extended Date”). The maximum aggregate amount of Deposits shall be $400,000. The foregoing description of the Extension Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Extension Note, a copy of

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

Enphys Acquisition Corp. entered into Extension Note with Enphys Acquisition Sponsor LLC valued at $400,000 (effective 2023-10-10).

Action: entry
Agreement: credit facility
Counterparty: Enphys Acquisition Sponsor LLC
Value: $400,000
Effective: 2023-10-10

Exact text from the filing

On October 10, 2023, Enphys Acquisition Corp. (the "Company") issued a promissory note (the "Extension Note") to Enphys Acquisition Sponsor LLC

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Source: SEC EDGAR

accession 0001140361-23-047585

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