Malacca Straits Acquisition Co Ltd: debt financing — Malacca Straits obtains up to $1M promissory note from sponsor for business combination costs

Malacca Straits Acquisition Co Ltd

Note of up to $1,000,000 issued to Malacca Straits Management Company Limited (sponsor).
Non-interest bearing, payable upon business combination or liquidation of the SPAC.
Proceeds to be used for costs related to initial business combination and general working capital.
Payee waives any claim against the trust account established in the IPO.

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

Malacca Straits Acquisition Co Ltd incurred loan of up to $1,000,000 with Malacca Straits Management Company Limited at non-interest bearing maturing on the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: up to $1,000,000
Counterparty: Malacca Straits Management Company Limited
Rate: non-interest bearing
Maturity: on the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

Malacca Straits Acquisition Company Limited, a Cayman Islands exempted company (the “ Company ”), issued an unsecured promissory note (the “ Note ”), dated March 31, 2023, in the amount of up to $1,000,000 to Malacca Straits Management Company Limited.

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Source: SEC EDGAR

accession 0001213900-23-025463

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