Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Lakeshore Acquisition II Corp. incurred loan of aggregate principal amount of $250,000 with Bill Chen and James Li at do not bear interest; provided that, if the loan is not repaid by the maturity d maturing maturity date on November 11, 2023.
- Instrument
- loan
- Principal
- aggregate principal amount of $250,000
- Counterparty
- Bill Chen and James Li
- Rate
- do not bear interest; provided that, if the loan is not repaid by the maturity d
- Maturity
- maturity date on November 11, 2023
- Event
- incurrence
Exact text from the filing
On July 11, 2023, Lakeshore Acquisition II Corp., a Cayman Islands exempted company (together with its successors, the " Company ") entered into two separate loan agreements for an aggregate principal amount of $250,000, on substantially the same terms. The lender of the first loan agreement is Bill Chen, Chief Executive Officer of the Company, who agreed to lend the Company a principal amount of $125,000, and the lender of the second loan agreement is James Li, the Chief Executive Officer of Nature’s Miracle, Inc., the target in the previously announced proposed business combination with the Company, who agreed to lend the Company a principal amount of $125,000. Pursuant to the loan agreements, the loans are unsecured and do not bear interest; provided that, if the loan is not repaid by the maturity date on November 11, 2023, then the outstanding amount will bear interest at 8% per annum, and will be payable with accrued interest on demand. The loans closed on July 12, 2023.
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