secwatch.observer — SEC 8-K summary
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Issuer:     Sable Offshore Corp. (SOC)
CIK:        0001831481
Form:       8-K
Filed at:   2023-06-26T23:59:59+00:00
Accession:  0001193125-23-174360
Event type: debt
Sentiment:  neutral
Materiality: 0.30
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Flame Acquisition issues $150K in promissory notes to sponsor for working capital
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- Issued a $50,000 non-interest note (Flame Expenses Note) to sponsor for IPO and working capital costs.
- Issued a $100,000 non-interest note (Sable Expenses Note) to sponsor to pay Sable Offshore Corp. expenses.
- Both notes due upon business combination; forgiven without repayment if no combination.
- Sponsor may convert up to $50,000 of the Flame note into warrants at $1 per warrant, capped at 3.5M warrants.
- Notes are unsecured and contain standard events of default; principal repayable only from funds outside the trust account.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1831481/000119312523174360/0001193125-23-174360-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1831481/000119312523174360/d454565d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-174360

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