Armada Acquisition Corp. I: debt financing — Armada Acquisition Corp. I draws $70,900 to extend business combination deadline to Oct 17, 2023

Armada Acquisition Corp. I

Drew $70,900.47 under Promissory Note with Armada Sponsor LLC to fund first one-month extension.
Extension moves deadline from Sept 17, 2023 to Oct 17, 2023; four additional monthly extensions possible.
Note does not bear interest; outstanding principal was $141,800.94 as of Sept 15, 2023.
Up to $425,402.82 of principal convertible into common stock at $10.00 per share at lender's option.
If no business combination, Note repaid only from funds outside trust account or forfeited.

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

Armada Acquisition Corp. I incurred loan of $70,900.47 with Armada Sponsor LLC at does not bear interest maturing matures upon closing of the Company's initial business combination.

Instrument: loan
Principal: $70,900.47
Counterparty: Armada Sponsor LLC
Rate: does not bear interest
Maturity: matures upon closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

of a Registrant. On September 12, 2023, the board of directors of Armada Acquisition Corp. I, a Delaware corporation (the “ Company ”), approved a draw of an aggregate of $70,900.47 (the “ Extension Funds ”) pursuant to the Promissory Note, dated as of August 2, 2023, between the Company and Armada Sponsor LLC (the “ Note ”), which Extension Funds were

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Source: SEC EDGAR

accession 0001193125-23-236168

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