Integral Acquisition Corp 1: debt financing — Integral Acquisition Corp 1 enters into up to $1.5M promissory note with sponsor for working capital

Integral Acquisition Corp 1

Note from Integral Acquisition Corp 1 to sponsor Integral Sponsor LLC for up to $1,500,000, no interest, due upon business combination or liquidation.
Proceeds used for working capital expenses; draws subject to sponsor approval in its sole discretion.
Payee may convert unpaid principal into warrants at $1.00 per warrant, identical to IPO private placement warrants.
Note is unsecured and ranks behind trust account claims; payee waives claims against trust account.
Maturity upon earlier of DeSPAC transaction closing or liquidation.

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

Integral Acquisition Corp 1 incurred loan of up to $1,500,000 with Integral Sponsor LLC at no interest maturing upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding up of the Company.

Instrument: loan
Principal: up to $1,500,000
Counterparty: Integral Sponsor LLC
Rate: no interest
Maturity: upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding up of the Company
Event: incurrence

Exact text from the filing

On July 10, 2023, Integral Acquisition Corporation 1 (the “Company”) issued a promissory note (the “Note”) in the aggregate principal amount of up to $1,500,000 to Integral Sponsor LLC, the Company’s sponsor (the “Payee”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Integral Acquisition Corp 1 entered into Promissory Note with Integral Sponsor LLC valued at up to $1,500,000 (effective 2023-07-10).

Action: entry
Counterparty: Integral Sponsor LLC
Value: up to $1,500,000
Effective: 2023-07-10

Exact text from the filing

On July 10, 2023, Integral Acquisition Corporation 1 (the “Company”) issued a promissory note (the “Note”) in the aggregate principal amount of up to $1,500,000 to Integral Sponsor LLC, the Company’s sponsor (the “Payee”). The Note was issued in connection with advances the Payee has made, and may make in the future, to the Company for working capital expenses.

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Source: SEC EDGAR

accession 0001193125-23-184747

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