Global Star Acquisition Inc.: debt financing — Global Star Acquisition issues $1.6M promissory note to sponsor for working capital

Global Star Acquisition Inc.

Entered $1.6M promissory note with sponsor Global Star Acquisition 1 LLC, bearing no interest, for working capital expenses.
Repayment due later of December 31, 2023 or consummation of a business combination; only from funds outside trust.
Sponsor may convert up to $1.5M of principal into units at $10.00 per unit in lieu of cash repayment.
Note includes a trust waiver: Payee waives any claim against the IPO trust account and agrees not to seek recourse from it.

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 Star Acquisition Inc. incurred loan of $1,600,000 with Global Star Acquisition 1 LLC maturing the later of: (i) December 31, 2023, or (ii) the date on which the Company consummates a business combination.

Instrument: loan
Principal: $1,600,000
Counterparty: Global Star Acquisition 1 LLC
Maturity: the later of: (i) December 31, 2023, or (ii) the date on which the Company consummates a business combination
Event: incurrence

Exact text from the filing

On July 31, 2023, Global Star Acquisition Inc. (the “Company”), a Delaware corporation issued a promissory note (the “Note”) in the principal amount of $1,600,000 to Global Star Acquisition 1 LLC (the “Sponsor”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Global Star Acquisition Inc. entered into Note with Global Star Acquisition 1 LLC valued at $1,600,000 (effective 2023-07-31).

Action: entry
Agreement: credit facility
Counterparty: Global Star Acquisition 1 LLC
Value: $1,600,000
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023, Global Star Acquisition Inc. (the “Company”), a Delaware corporation issued a promissory note (the “Note”) in the principal amount of $1,600,000 to Global Star Acquisition 1 LLC (the “Sponsor”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-202720

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