Stardust Power Inc. (SDST): debt financing — GPAC draws $150K from sponsor note to extend business combination deadline by one month to June 14, 2023

Stardust Power Inc.

Drew $150,000 under Promissory Note with Global Partner Sponsor II LLC to fund first one-month extension.
Extension moves deadline from May 14, 2023 to June 14, 2023; up to nine such extensions available.
Note is non-interest bearing, matures upon business combination or from funds outside trust if no deal.
Up to $1,750,000 of 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 May 12, 2023, Global Partner Acquisition Corp II (the “Company”) drew an aggregate of $150,000 (the “Extension Funds”), as approved by unanimous director resolution, dated May 9, 2023, 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 0001213900-23-039084

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