ACAB secures $360k funding from Polar Multi-Strategy Master Fund for De-SPAC working capital

Abpro Holdings, Inc.

Investor to provide up to $360,000 to Sponsor in exchange for 1 ACAB share per $1 invested at De-SPAC closing.
Sponsor will loan funds interest-free to ACAB for working capital; repayment at De-SPAC closing.
Investor can elect return of capital in cash or shares (1 share per $10 invested).
If ACAB defaults on payment/registration obligations, it must issue 36,000 additional shares per month until cured.
Subscription shares are unregistered under Section 4(a)(2) and Regulation D of the Securities Act.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Abpro Holdings, Inc. entered into Subscription Agreement with Polar Multi-Strategy Master Fund valued at up to $360,000 (effective 2024-04-10).

Action: entry
Agreement: equity purchase
Counterparty: Polar Multi-Strategy Master Fund
Value: up to $360,000
Effective: 2024-04-10

Exact text from the filing

On April 10, 2024, Atlantic Coastal Acquisition Corp. II (“ACAB”), Polar Multi-Strategy Master Fund (the “Investor”), and Atlantic Coastal Acquisition Management II LLC, ACAB’s sponsor (the “Sponsor”) entered into a subscription agreement (the “Subscription Agreement”) pursuant to which the Investor agreed to provide a capital contribution to the Sponsor in an aggregate amount of up to $360,000 (the “Capital Contribution”) in exchange for 1 share of ACAB’s Series A common stock (“ACAB common stock”) held by the Sponsor for each $1 invested by the Investor as of the closing of ACAB’s proposed business combination (the “De-SPAC Closing”), provided that the obligation to make capital contributions will terminate on September 19, 2024.

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Source: SEC EDGAR

accession 0001193125-24-097954

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