26 Capital Acquisition Corp.: debt financing — 26 Capital receives purported merger termination from Tiger Resorts; litigation trial set for July 10

26 Capital Acquisition Corp.

Received notice of purported termination of merger agreement from Tiger Resorts Asia on June 30; 26 Capital calls it baseless.
Delaware litigation trial set for July 10, 2023 regarding contractual breaches by Tiger Resorts and affiliates.
Entered secured convertible note with sponsor 26 Capital Holdings for up to $2M; borrowed $500k on June 29, 2023.
Convertible note matures at earliest of pre-closing satisfaction, winding up, or one-year anniversary; converts to stock upon shareholder approval.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

26 Capital Acquisition Corp. incurred convertible notes of $500,000 with 26 Capital Holdings LLC (the Sponsor) at does not bear interest maturing upon the earliest to occur of (a) the satisfaction of all conditions set forth in Article 7... (the Pre-Closing Satisfaction Date), (b) the date that the windin.

Instrument: convertible notes
Principal: $500,000
Counterparty: 26 Capital Holdings LLC (the Sponsor)
Rate: does not bear interest
Maturity: upon the earliest to occur of (a) the satisfaction of all conditions set forth in Article 7... (the Pre-Closing Satisfaction Date), (b) the date that the windin
Event: incurrence

Exact text from the filing

On June 29, 2023, the Company borrowed $500,000 available to it under the Convertible Note.

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Source: SEC EDGAR

accession 0001213900-23-055188

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