secwatch.observer — SEC 8-K summary
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Issuer:     26 Capital Acquisition Corp. (—)
CIK:        0001822912
Form:       8-K
Filed at:   2023-05-02T23:59:59+00:00
Accession:  0001213900-23-035256
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 $4M convertible note to sponsor; full amount drawn
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- Issued $4M unsecured convertible promissory note to 26 Capital Holdings LLC (sponsor).
- Full $4M borrowed immediately on April 28, 2023 for fees, expenses, and general corporate purposes.
- Note converts into Class A common stock upon shareholder approval at 30-day avg closing price before merger close.
- Proceeds support costs related to pending merger with Tiger Resort Asia Ltd. (Okada Manila).
- Note non-interest bearing; matures at pre-closing satisfaction of merger conditions or company wind-up.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1822912/000121390023035256/0001213900-23-035256-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1822912/000121390023035256/ea177854-8k425_26capital.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-035256

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