Global Technology Acquisition Corp. I: debt financing — GTAC enters $1.5M promissory note with sponsor for working capital

Global Technology Acquisition Corp. I

Sponsor provides up to $1.5M unsecured loan, no interest, for operating expenses.
Principal due upon business combination or liquidation; forgivable if no combination.
Sponsor may convert up to $1.5M of principal into warrants at $1.00 per warrant, same terms as private placement.
Note dated June 29, 2023; draws require written request, minimum $10K.
Standard SPAC working capital bridge; no other material terms.

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

Global Technology Acquisition Corp. I incurred loan of up to $1,500,000 with Global Technology Acquisition I Sponsor at bears no interest maturing the earliest to occur of (i) the date on which the Company consummates an initial business combination or (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: up to $1,500,000
Counterparty: Global Technology Acquisition I Sponsor
Rate: bears no interest
Maturity: the earliest to occur of (i) the date on which the Company consummates an initial business combination or (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

On June 29, 2023, Global Technology Acquisition I Sponsor, a Cayman Islands exempted limited partnership (the “Sponsor”), entered into an unsecured promissory note (the “Note”) with Global Technology Acquisition Corp. I, a Cayman Islands exempted company (“GTAC” or the “Company”), providing for an aggregate amount of loans up to $1,500,000 to fund the Company’s operating expenses.

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Source: SEC EDGAR

accession 0001193125-23-180573

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