OCA Acquisition Corp.: debt financing — OCA Acquisition Corp. draws $90,000 to extend business combination deadline to June 20, 2023

OCA Acquisition Corp.

Board of directors approved draw of $90,000 from Promissory Note with OCA Acquisition Holdings LLC on May 16, 2023.
Funds deposited into trust account on May 18, 2023, extending the deadline from May 20, 2023 to June 20, 2023.
Extension is the second of nine permitted monthly extensions under the company's amended charter.
Note is non-interest bearing, matures upon closing of initial business combination, and up to $1,080,000 can be converted into warrants at $1.00 each.
If no business combination consummated, note repaid only from funds outside trust account or forgiven.

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 an aggregate 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: an aggregate of $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 May 16, 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 on May 18, 2023.

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Source: SEC EDGAR

accession 0001213900-23-041295

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