Black Mountain Acquisition Corp.: debt financing — BMAC extends business combination deadline to Sept 18, 2023; sponsor deposits $160K

Black Mountain Acquisition Corp.

Board elected third of six allowed one-month extensions, moving deadline from Aug 18 to Sept 18, 2023.
Sponsor deposited $160,000 into trust account via a non-interest-bearing promissory note.
Loan is due upon earlier of business combination or liquidation; repayable from trust proceeds if deal closes.
If no business combination, loan repaid only from funds outside the trust account.
Note may be converted into warrants at $1.00 per warrant at sponsor's option.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

Black Mountain Acquisition Corp. incurred loan of $160,000 with Black Mountain Sponsor LLC at no interest maturing upon the earlier to occur of (i) the date on which the Company consummates ... an Initial Business Combination and (ii) the liquidation of the Company on or bef.

Instrument: loan
Principal: $160,000
Counterparty: Black Mountain Sponsor LLC
Rate: no interest
Maturity: upon the earlier to occur of (i) the date on which the Company consummates ... an Initial Business Combination and (ii) the liquidation of the Company on or bef
Event: incurrence

Exact text from the filing

On August 16, 2023, Black Mountain Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) to Black Mountain Sponsor LLC (the “Sponsor”) in the principal amount of $160,000

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

Black Mountain Acquisition Corp. entered into the Note with Black Mountain Sponsor LLC valued at $160,000 (effective 2023-08-16).

Action: entry
Counterparty: Black Mountain Sponsor LLC
Value: $160,000
Effective: 2023-08-16

Exact text from the filing

On August 16, 2023, Black Mountain Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) to Black Mountain Sponsor LLC (the “Sponsor”) in the principal amount of $160,000

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Source: SEC EDGAR

accession 0001193125-23-214370

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