Battery Future Acquisition Corp.: debt financing — BFAC receives $250K loan from Pala to extend business combination deadline to Oct 17

Battery Future Acquisition Corp.

Deposit of $250,000 into trust account extends deadline by one month to October 17, 2023.
Fourth of up to twelve permitted monthly extensions; Pala provides loan under existing convertible promissory note.
Loan may be converted into warrants at $1.00 per warrant; no interest accrues.
Repayment only from funds outside trust if no business combination is completed.

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 no interest shall accrue 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: no interest shall accrue
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 September 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 October 17, 2023 (the "Extension").

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Source: SEC EDGAR

accession 0001193125-23-236218

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