debt
confidence high
sentiment neutral
materiality 0.25
Plum Acquisition Corp. I issues $500,000 promissory note to insider for working capital
VEEA INC.
- Unsecured non-interest-bearing promissory note in principal amount of $500,000 to Mike Dinsdale.
- Repayable upon consummation of initial business combination; if no deal, note is forgiven.
- Payee may convert outstanding principal into private placement warrants at $1.50 per warrant upon business combination.
- Draws available in increments of at least $50,000 until March 18, 2023 or deal date.
- Payee waives any claim against the trust account established from the IPO proceeds.