Stardust Power Inc. (SDST): debt financing — Global Partner Acquisition Corp II extends deadline by one month via $150k draw on sponsor note

Stardust Power Inc.

Drew $150,000 under Promissory Note with sponsor Global Partner Sponsor II LLC to extend business combination deadline.
Extension moves deadline from April 14, 2023 to May 14, 2023; first of nine possible one-month extensions.
Note bears no interest, matures upon business combination, and is non-recourse except from trust account surplus.
Up to $1,750,000 principal may be converted into warrants at $1.50 per warrant, identical to private placement warrants.

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

Stardust Power Inc. incurred loan of $150,000 with Global Partner Sponsor II LLC at does not bear interest maturing upon closing of the Company’s initial business combination.

Instrument: loan
Principal: $150,000
Counterparty: Global Partner Sponsor II LLC
Rate: does not bear interest
Maturity: upon closing of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On April 12, 2023, Global Partner Acquisition Corp II (the “Company”) drew an aggregate of $150,000 (the “Extension Funds”), pursuant to the Promissory Note, dated January 13, 2023 between the Company and Global Partner Sponsor II LLC (the “Note”)

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Stardust Power Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-029892

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