Battery Future Acquisition Corp.: debt financing — BFAC deposits $250K from Pala for third one-month extension to Sept 17, 2023

Battery Future Acquisition Corp.

Pala Investment deposited $250,000 into trust to extend business combination deadline to September 17, 2023 (third of up to twelve monthly extensions).
Loan via unsecured convertible promissory note (April 5, 2023) at 20% annual interest; principal can convert into warrants at $1.00 per warrant.
If no business combination consummated, note is repayable only from amounts remaining outside the trust account.

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

Battery Future Acquisition Corp. incurred convertible notes of $250,000 with Pala Investment Limited at twenty percent (20.00%) per annum maturing the earlier of (i) the date on which the business combination is consummated and (ii) the date of the Company’s liquidation.

Instrument: convertible notes
Principal: $250,000
Counterparty: Pala Investment Limited
Rate: twenty percent (20.00%) per annum
Maturity: the earlier of (i) the date on which the business combination is consummated and (ii) the date of the Company’s liquidation
Event: incurrence

Exact text from the filing

On August 15, 2023, an aggregate of $250,000 (the “Extension Payment”) was deposited by Pala Investment Limited, a Jersey limited liability company (“Pala”), into the trust account of Battery Future Acquisition Corp. (“BFAC” or the “Company”) for BFAC’s public shareholders, representing $0.024 per public share, which enables BFAC to extend the period of time it has to consummate its initial business combination by one month to September 17, 2023 (the “Extension”).

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Source: SEC EDGAR

accession 0001193125-23-214290

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