ALSP Orchid Acquisition Corp I: debt financing — SPAC issues $350K promissory note to sponsor at 4.8% interest, due on business combination or winding up

ALSP Orchid Acquisition Corp I

Principal $350,000 unsecured note issued April 28, 2023 to ALSP Orchid Sponsor LLC.
Interest rate 4.8% per annum, compounded semi-annually, payable on Maturity Date.
Maturity: earlier of initial business combination or effective winding up of the company.
Sponsor waives any claim against the trust account, per trust waiver clause.
Funding received in full upon execution; customary events of default apply.

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

ALSP Orchid Acquisition Corp I incurred loan of $350,000 with ALSP Orchid Sponsor LLC at 4.8% per annum maturing the earliest to occur of (i) the date on which the Company consummates an initial business combination or (ii) the date that the winding up of the Company is ef.

Instrument: loan
Principal: $350,000
Counterparty: ALSP Orchid Sponsor LLC
Rate: 4.8% per annum
Maturity: the earliest to occur of (i) the date on which the Company consummates an initial business combination or (ii) the date that the winding up of the Company is ef
Event: incurrence

Exact text from the filing

On April 28, 2023, ALSP Orchid Acquisition Corporation I, a Cayman Islands exempted company (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of $350,000 to ALSP Orchid Sponsor LLC

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Source: SEC EDGAR

accession 0001193125-23-132630

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