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

Stardust Power Inc.

Drew $150,000 from sponsor promissory note to deposit into trust account for third one-month extension.
Extension moves business combination deadline from June 14 to July 14, 2023.
Note is non-interest bearing, matures upon business combination or from funds outside trust.
Up to $1.75M of principal can 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 June 13, 2023, Global Partner Acquisition Corp II (the “Company”) drew an aggregate of $150,000 (the “Extension Funds”), as approved by unanimous director resolution, dated June 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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101 debt financings filed in the last 30 days. Browse all debt financings →

Stardust Power Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-048930

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