SK Growth Opportunities Corp: debt financing — SK Growth Opportunities issues $380K promissory note to sponsor for working capital

SK Growth Opportunities Corp

Unsecured promissory note of up to $380,000 issued to Auxo Capital Managers LLC on Oct 30, 2023.
Note bears no interest and matures upon consummation of the initial business combination.
Repayment limited to funds outside the trust account if no business combination occurs.
Principal may be converted at sponsor's option into warrants at $1.00 per warrant, identical to IPO private warrants.
Proceeds used to fund ongoing operating expenses of the blank check company.

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

SK Growth Opportunities Corp incurred loan of up to three hundred and eighty thousand dollars ($380,000) with Auxo Capital Managers LLC at does not bear interest maturing upon closing of the Company's initial business combination.

Instrument: loan
Principal: up to three hundred and eighty thousand dollars ($380,000)
Counterparty: Auxo Capital Managers LLC
Rate: does not bear interest
Maturity: upon closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

On October 30, 2023, the SK Growth Opportunities Corporation, a Cayman Islands exempted company and blank check company (the “Company”) issued an unsecured promissory note in the total principal amount of up to three hundred and eighty thousand dollars ($380,000) (the “Promissory Note”) to Auxo Capital Managers LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Sponsor”).

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Source: SEC EDGAR

accession 0001193125-23-270430

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