Industrial Tech Acquisitions II, Inc.: debt financing — Shareholders approve SPAC extension to Dec 2023; 15.9M shares redeemed (~92%)

Industrial Tech Acquisitions II, Inc.

Shareholders approved extension of business combination deadline from April 14 to December 14, 2023.
15,901,113 Public Shares redeemed, removing ~$162M from trust ($10.19/share); only 1,348,887 shares remain.
Sponsor issued up to $280k promissory note for extension funding and $300k note for working capital.
Both notes are non-interest bearing, repayable upon business combination or liquidation.

item 1.01 item 2.03 item 5.03 item 5.07 item 9.01

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

Industrial Tech Acquisitions II, Inc. incurred loan of up to $300,000 with Industrial Tech Partners II, LLC at no interest maturing upon the earlier to occur of (a) the date of the consummation of the Business Combination or (b) the date of the liquidation of the Company.

Instrument: loan
Principal: up to $300,000
Counterparty: Industrial Tech Partners II, LLC
Rate: no interest
Maturity: upon the earlier to occur of (a) the date of the consummation of the Business Combination or (b) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

On April 12, 2023, the Company issued a second promissory note (the “ Working Capital Loan Note ” and, together with the Extension Note, the “ Notes ”) in the principal amount of up to $300,000 to the Sponsor.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Industrial Tech Acquisitions II, Inc. incurred loan of up to $280,000 with Industrial Tech Partners II, LLC at no interest maturing upon the earlier of (a) the date of the consummation of the Business Combination or (b) the date of the liquidation of the Company.

Instrument: loan
Principal: up to $280,000
Counterparty: Industrial Tech Partners II, LLC
Rate: no interest
Maturity: upon the earlier of (a) the date of the consummation of the Business Combination or (b) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

On April 12, 2023, Industrial Tech Acquisitions II, Inc., a Delaware corporation (the “ Company ”) issued a promissory note (the “ Extension Note ”) in the principal amount of up to $280,000 to Industrial Tech Partners II, LLC (the “ Sponsor ”)

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Industrial Tech Acquisitions II, Inc.: Extended the date to consummate a business combination from April 14, 2023 to December 14, 2023 (effective 2023-04-11).

Change: charter amendment
Effective: 2023-04-11

Exact text from the filing

On April 11, 2023, the Company filed an amendment to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the “ Extension Amendment ”). The Extension Amendment extends the date by which the Company must consummate the Business Combination from April 14, 2023 to December 14, 2023 (or such earlier date as determined by the board of directors of the Company).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Industrial Tech Acquisitions II, Inc. entered into Working Capital Loan Note with Industrial Tech Partners II, LLC valued at up to $300,000 (effective 2023-04-12).

Action: entry
Agreement: credit facility
Counterparty: Industrial Tech Partners II, LLC
Value: up to $300,000
Effective: 2023-04-12

Exact text from the filing

On April 12, 2023, the Company issued a second promissory note (the “ Working Capital Loan Note ” and, together with the Extension Note, the “ Notes ”) in the principal amount of up to $300,000 to the Sponsor.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Industrial Tech Acquisitions II, Inc. entered into Extension Note with Industrial Tech Partners II, LLC valued at up to $280,000 (effective 2023-04-12).

Action: entry
Agreement: credit facility
Counterparty: Industrial Tech Partners II, LLC
Value: up to $280,000
Effective: 2023-04-12

Exact text from the filing

On April 12, 2023, Industrial Tech Acquisitions II, Inc., a Delaware corporation (the “ Company ”) issued a promissory note (the “ Extension Note ”) in the principal amount of up to $280,000 to Industrial Tech Partners II, LLC (the “ Sponsor ”)

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.95

Industrial Tech Acquisitions II, Inc. shareholders approved Extension Amendment Proposal at the 2023-04-10 meeting.

Outcome: passed
Meeting: 2023-04-10

Exact text from the filing

On April 10, 2023, the Company held a special meeting of stockholders (the “ Meeting ”). At the Meeting, the Company’s stockholders approved the Extension Amendment, extending the date by which the Company must consummate a Business Combination from April 14, 2023 to December 14, 2023 (or such earlier date as determined by the board of directors of the Company) (the “ Extension Amendment Proposal ”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-029968

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