Embrace Change Acquisition Corp. (EMCGF): debt financing — Embrace Change SPAC extends deadline to Mar 12, 2024 via $100k CFO note

Embrace Change Acquisition Corp.

Issued $100,000 unsecured promissory note to CFO Zheng Yuan to extend business combination deadline by one month.
Note bears no interest, repayable upon closing of initial business combination, convertible into units at $10/unit.
Conversion would result in issuance of up to 10,000 private placement units identical to IPO units.
Company now has until March 12, 2024, to complete its initial business combination.
If no business combination, note repayable only from funds outside the trust account.

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

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 February 16, 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, for the $100,000 Ms. Yuan deposited into the Company’s trust account to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from February 12, 2024 to March 12, 2024.

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299 debt financings filed in the last 30 days. Browse all debt financings →

Embrace Change Acquisition Corp. filing history →

Source: SEC EDGAR

accession 0001193125-24-040027

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