Acri Capital Acquisition Corp: debt financing — Acri Capital extends business combination deadline to May 14, 2023; sponsor deposits $227,731

Acri Capital Acquisition Corp

Deposited $227,730.87 into trust account for one-month extension to May 14, 2023.
Second of nine possible monthly extensions from March 14 to December 14, 2023.
Issued unsecured promissory note to sponsor Acri Capital Sponsor LLC, convertible into warrants.
Note non-interest bearing; payable upon business combination or liquidation.

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

Acri Capital Acquisition Corp incurred loan of $227,730.87 with Acri Capital Sponsor LLC at non-interest bearing maturing earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: $227,730.87
Counterparty: Acri Capital Sponsor LLC
Rate: non-interest bearing
Maturity: earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

In connection with the Monthly Extension Payment, the Company issued an unsecured promissory note of $227,730.87 (the “ Note ”) to its sponsor, Acri Capital Sponsor LLC (the “ Sponsor ”). The Note is non-interest bearing and payable (subject to the waiver against trust provisions) on the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.

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Source: SEC EDGAR

accession 0001213900-23-029148

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