Embrace Change Acquisition Corp. (EMCGF): debt financing — SPAC issues $100K promissory note to CFO for one-month trust extension

Embrace Change Acquisition Corp.

On Jan 17, 2024, Embrace Change Acquisition Corp. issued $100,000 unsecured note to CFO Zheng Yuan.
Note funds extension of business combination deadline from Jan 12 to Feb 12, 2024.
Note bears no interest; principal due upon consummation of initial business combination.
Conversion option at $10.00/unit into private placement units identical to IPO units.
Up to 10,000 units issuable upon full conversion.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Embrace Change Acquisition Corp. incurred loan of $100,000 with Zheng Yuan at no interest maturing upon the consummation of the Company's initial business combination.

Instrument: loan
Principal: $100,000
Counterparty: Zheng Yuan
Rate: no interest
Maturity: upon the consummation of the Company's initial business combination
Event: incurrence

Exact text from the filing

On January 17, 2024, Embrace Change Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Extension Fee Note”), in an amount of $100,000 to Zheng Yuan, the Company’s Chief Financial Officer

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Embrace Change Acquisition Corp. filing history →

Source: SEC EDGAR

accession 0001193125-24-011279

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