SunPower Inc. (SPWR): debt financing — Freedom Acquisition I Corp. issues $325K promissory note to insiders for working capital

SunPower Inc.

Unsecured note for up to $325,000 from Tidjane Thiam, Adam Gishen, Edward Zeng, and Abhishek Bhatia.
No interest; payable upon earlier of 24 months from IPO close or business combination.
Proceeds used for general working capital; note may be converted into private placement warrants at $1.50/share.
Conversion warrants carry registration rights identical to existing private placement warrants.
Total initial draws: Thiam $100K, Gishen $50K, Bhatia $50K, Zeng $25K (Thiam amount may increase to $200K).

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

SunPower Inc. incurred loan of up to $325,000 with Tidjane Thiam, Adam Gishen, Edward Zeng, Abhishek Bhatia at bears no interest maturing payable in full upon the earlier to occur of (i) twenty-four (24) months from the closing of the initial public offering or (ii) the consummation of the Company.

Instrument: loan
Principal: up to $325,000
Counterparty: Tidjane Thiam, Adam Gishen, Edward Zeng, Abhishek Bhatia
Rate: bears no interest
Maturity: payable in full upon the earlier to occur of (i) twenty-four (24) months from the closing of the initial public offering or (ii) the consummation of the Company
Event: incurrence

Exact text from the filing

On December 14, 2022, Freedom Acquisition I Corp. (the “Company”) issued an unsecured promissory note (the “Note”) in an amount of up to $325,000 to Tidjane Thiam, the Company’s Executive Chairman, Adam Gishen, the Company’s Chief Executive Officer, Edward Zeng, a director of the Company, and Abhishek Bhatia, a board observer of the Company (each a “Payee”, and collectively, the “Payees”).

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

SunPower Inc. filing history →

Source: SEC EDGAR

accession 0001213900-22-079792

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