SunPower Inc. (SPWR): debt financing — Freedom Acquisition I Corp. issues up to $2.1M promissory note to sponsor for working capital

SunPower Inc.

Unsecured promissory note of up to $2,100,000 issued to Freedom Acquisition I LLC on Feb 28, 2023.
Initial draw of $1,600,000; $400,000 available for extension beyond June 2, 2023; $100,000 as needed.
Note bears no interest, payable in full upon consummation of a business combination.
Note forgiven if no business combination completed within SPAC's timeline, except for funds outside trust.
Proceeds used for general working capital 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

SunPower Inc. incurred loan of up to $2,100,000 with Freedom Acquisition I LLC at bears no interest maturing upon the consummation of the Company’s business combination.

Instrument: loan
Principal: up to $2,100,000
Counterparty: Freedom Acquisition I LLC
Rate: bears no interest
Maturity: upon the consummation of the Company’s business combination
Event: incurrence

Exact text from the filing

On February 28, 2023, Freedom Acquisition I Corp. (the “Company”) issued an unsecured promissory note (the “Note”) in the amount of up to $2,100,000 to Freedom Acquisition I LLC (the “Payee”).

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Source: SEC EDGAR

accession 0001193125-23-058254

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