Slam Corp.: debt financing — Slam Corp. issues $700K promissory note to sponsor, repayable upon business combination

Slam Corp.

Issued $700K unsecured promissory note to Sponsor, non-interest bearing.
Principal repayable upon consummation of initial business combination; if no deal, note forgiven.
Issued under exemption from registration under Section 4(a)(2) of Securities Act.
Customary events of default including failure to pay, bankruptcy; remedies accelerate note.
Sponsor waives any claim against trust account established from IPO.

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

Slam Corp. incurred loan of $700,000 with Slam Sponsor, LLC at does not bear interest maturing upon consummation of the Company’s initial business combination.

Instrument: loan
Principal: $700,000
Counterparty: Slam Sponsor, LLC
Rate: does not bear interest
Maturity: upon consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On May 26, 2023, Slam Corp. issued an unsecured promissory note (the “Note”) in the principal amount of $700,000 to Slam Sponsor, LLC (the “Sponsor”). The Note does not bear interest and is repayable in full upon consummation of the Company’s initial business combination (a “Business Combination”).

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Source: SEC EDGAR

accession 0001193125-23-155512

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