ARYA Sciences Acquisition Corp IV: debt financing — ARYA Sciences IV enters $1M convertible promissory note with sponsor for working capital and trust extensions

ARYA Sciences Acquisition Corp IV

Up to $1,000,000 non-interest-bearing loan from sponsor ARYA Sciences Holdings IV; draws in increments of $111,000.
Loans convert at $10.00 per share into Class A ordinary shares identical to private placement shares from the IPO.
Proceeds used for general corporate purposes and monthly deposits to extend the deadline to complete a business combination.
If no business combination closes, loan is repaid only from funds outside the trust account; trust account is waived.
Maturity on business combination closing; note treated as equity for U.S. tax purposes.

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

ARYA Sciences Acquisition Corp IV incurred convertible notes of $1,000,000 with ARYA Sciences Holdings IV at no interest maturing on the effective date of an initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination.

Instrument: convertible notes
Principal: $1,000,000
Counterparty: ARYA Sciences Holdings IV
Rate: no interest
Maturity: on the effective date of an initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
Event: incurrence

Exact text from the filing

On February 8, 2024, ARYA Sciences Acquisition Corp IV (the “Company”) issued an unsecured convertible promissory note (the “Fourth Promissory Note”) to ARYA Sciences Holdings IV (the “Sponsor”), pursuant to which the Company may borrow $1,000,000 (the “Working Capital Loan”) from the Sponsor for general corporate purposes

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

ARYA Sciences Acquisition Corp IV entered into Fourth Promissory Note with ARYA Sciences Holdings IV (the Sponsor) valued at $1,000,000 (effective 2024-02-08).

Action: entry
Agreement: notes offering
Counterparty: ARYA Sciences Holdings IV (the Sponsor)
Value: $1,000,000
Effective: 2024-02-08

Exact text from the filing

On February 8, 2024, ARYA Sciences Acquisition Corp IV (the "Company") issued an unsecured convertible promissory note (the "Fourth Promissory Note") to ARYA Sciences Holdings IV (the "Sponsor"), pursuant to which the Company may borrow $1,000,000 (the "Working Capital Loan") from the Sponsor for general corporate purposes and the funding of the deposits required to be made into the Company's trust account in connection with the monthly extensions of the time period during which the Company may consummate a Business Combination

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001140361-24-006732

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