OCA Acquisition Corp.: debt financing — OCA Acquisition draws $90K to extend business combo deadline to May 20, 2023

OCA Acquisition Corp.

Board approved $90,000 draw under Jan 19, 2023 promissory note with OCA Acquisition Holdings LLC.
Funds deposited into trust account to extend initial business combination deadline from Apr 20 to May 20, 2023.
First of nine permitted one-month extensions; total possible extension of up to 9 months.
Note non-interest bearing, matures at consummation of initial business combination.
Up to $1,080,000 of principal may be converted into warrants at $1.00 per warrant.

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

OCA Acquisition Corp. incurred loan of $90,000 with OCA Acquisition Holdings LLC at does not bear interest maturing matures upon closing of the Company's initial business combination.

Instrument: loan
Principal: $90,000
Counterparty: OCA Acquisition Holdings LLC
Rate: does not bear interest
Maturity: matures upon closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

On April 17, 2023, the board of directors of OCA Acquisition Corp., a Delaware corporation (the “ Company ”), approved a draw of an aggregate of $90,000 (the “ Extension Funds ”) pursuant to the Promissory Note, dated as of January 19, 2023, between the Company and OCA Acquisition Holdings LLC (the “ Note ”), which Extension Funds the Company deposited into the Company’s trust account for its public stockholders.

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Source: SEC EDGAR

accession 0001213900-23-031333

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