ALSP Orchid Acquisition Corp I: debt financing — ALSP Orchid Acquisition I issues $350K promissory note to sponsor at 4.74%

ALSP Orchid Acquisition Corp I

Unsecured note of $350,000 issued to ALSP Orchid Sponsor LLC on Aug 11, 2023.
Interest accrues at 4.74% per annum, compounded semi-annually.
Principal and interest payable at earliest of business combination or winding up.
Note is exempt from registration under Section 4(a)(2) of the Securities Act.
Payee waives claims against the trust account from the IPO proceeds.

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

ALSP Orchid Acquisition Corp I incurred loan of $350,000 with ALSP Orchid Sponsor LLC at 4.74% per annum maturing the earliest to occur of (i) the date on which the Company consummates an initial business combination or (ii) the date that the winding up of the Company is ef.

Instrument: loan
Principal: $350,000
Counterparty: ALSP Orchid Sponsor LLC
Rate: 4.74% per annum
Maturity: the earliest to occur of (i) the date on which the Company consummates an initial business combination or (ii) the date that the winding up of the Company is ef
Event: incurrence

Exact text from the filing

On August 11, 2023, ALSP Orchid Acquisition Corporation I, a Cayman Islands exempted company (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of $350,000 to ALSP Orchid Sponsor LLC, a Delaware limited liability company (the “Sponsor”), which was funded in full by the Sponsor upon execution of the Note. The Note bears interest at a rate of 4.74% per annum, computed on the basis of a 365-day year, compounded semi-annually.

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Source: SEC EDGAR

accession 0001193125-23-211148

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