secwatch.observer — SEC 8-K summary
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Issuer:     26 Capital Acquisition Corp. (—)
CIK:        0001822912
Form:       8-K
Filed at:   2023-04-05T23:59:59+00:00
Accession:  0001213900-23-027394
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

26 Capital Acquisition Corp. issues $2.5M convertible note to sponsor for merger expenses
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1822912/000121390023027394/0001213900-23-027394-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1822912/000121390023027394/ea176467-8k425_26capital.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-027394

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer