26 Capital Acquisition Corp.: debt financing — 26 Capital Acquisition Corp. issues $2.5M convertible note to sponsor for merger expenses

26 Capital Acquisition Corp.

Borrowed full $2.5M on March 31, 2023 from sponsor 26 Capital Holdings LLC.
Note is unsecured, non-interest bearing, convertible at $2.50/share into Class A common stock, subject to shareholder approval.
Conversion capped at 2M shares aggregate across this and prior notes; note matures upon merger closing or winding up.
Proceeds used for fees, expenses, and general corporate purposes related to the pending Okada Manila merger.

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

26 Capital Acquisition Corp. incurred convertible notes of an aggregate maximum amount of $2,500,000 with 26 Capital Holdings LLC (the Sponsor) at does not bear interest maturing upon the earlier of (a) the satisfaction of all conditions set forth in Article 7 of that certain Agreement and Plan of Merger and Share Acquisition... (the Pre.

Instrument: convertible notes
Principal: an aggregate maximum amount of $2,500,000
Counterparty: 26 Capital Holdings LLC (the Sponsor)
Rate: does not bear interest
Maturity: upon the earlier of (a) the satisfaction of all conditions set forth in Article 7 of that certain Agreement and Plan of Merger and Share Acquisition... (the Pre
Event: incurrence

Exact text from the filing

On March 30, 2023, 26 Capital Acquisition Corp. (the “Company”) issued an unsecured convertible promissory note (the “Convertible Note”) to 26 Capital Holdings LLC (the “Sponsor”), pursuant to which the Company may borrow up to an aggregate maximum amount of $2,500,000 from the Sponsor to pay fees and expenses and for other general corporate purposes.

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Source: SEC EDGAR

accession 0001213900-23-027394

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