8-K
filed July 21, 2023, 7:59 PM ET
CIK 0001853047
other material
confidence high
sentiment negative
materiality 0.80
Hudson Acquisition I Corp.: debt financing — Hudson Acquisition I Corp. stockholders approve extension; 4.4M shares redeemed, trust ~$25M
Hudson Acquisition I Corp.
- Stockholders approved amendment to extend business combination deadline up to April 18, 2024, with monthly $80,000 deposits.
- Redemption limitation eliminated; 4,427,969 shares redeemed for cash, leaving ~$25 million in trust.
- Sponsor provided $720,000 promissory note for extension deposits; working capital note amended to $1,000,000.
- Votes: 7,150,773 for, 340,257 against on both proposals.
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
Hudson Acquisition I Corp. amended loan of loans up to $1,000,000 in the aggregate with Hudson SPAC Holding, LLC maturing upon the earlier of (i) the date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.
- Instrument
- loan
- Principal
- loans up to $1,000,000 in the aggregate
- Counterparty
- Hudson SPAC Holding, LLC
- Maturity
- upon the earlier of (i) the date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
- Event
- amendment
Exact text from the filing
On July 20, 2023, the Company and the Sponsor amended and restated the promissory note, dated as of April 5, 2021 (as amended and restated, the “Working Capital Note”), providing for loans up to $1,000,000 in the aggregate.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Hudson Acquisition I Corp. incurred loan of up to the aggregate principal amount of $720,000 with Hudson SPAC Holding, LLC maturing upon the earlier of (i) the date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.
- Instrument
- loan
- Principal
- up to the aggregate principal amount of $720,000
- Counterparty
- Hudson SPAC Holding, LLC
- Maturity
- upon the earlier of (i) the date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
- Event
- incurrence
Exact text from the filing
On July 18, 2023, Hudson SPAC Holding, LLC (the “Sponsor”) entered into a non-interest bearing, unsecured promissory note issued by Hudson Acquisition I Corp. (the “Company”) in favor of the Sponsor (the “Extension Note”), providing for loans up to the aggregate principal amount of $720,000.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Hudson Acquisition I Corp.: Amended certificate of incorporation to extend business combination deadline up to April 18, 2024 and eliminate net tangible assets redemption limitation (effective 2023-07-17).
- Change
- charter amendment
- Effective
- 2023-07-17
Exact text from the filing
On July 17, 2023, the Company filed a certificate of amendment (the “Certificate of Amendment”) to the Company’s Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware. The Certificate of Amendment amends the Certificate of Incorporation to (i) give the Company the option to extend the date by which the Company must effect a Business Combination beyond July 18, 2023 up to nine (9) times for an additional (1) month each time to April 18, 2024 upon the deposit into the Trust Account of $80,000 for each calendar month and (ii) eliminate the limitation that the Company may not redeem public shares to the extent that such redemption would result in the Company having net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Securities Exchange Act of 1934 of less than $5,000,001.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Hudson Acquisition I Corp. amended Working Capital Note with Hudson SPAC Holding, LLC valued at $1,000,000 (effective 2023-07-20).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Hudson SPAC Holding, LLC
- Value
- $1,000,000
- Effective
- 2023-07-20
Exact text from the filing
On July 20, 2023, the Company and the Sponsor amended and restated the promissory note, dated as of April 5, 2021 (as amended and restated, the “Working Capital Note”), providing for loans up to $1,000,000 in the aggregate.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Hudson Acquisition I Corp. entered into Extension Note with Hudson SPAC Holding, LLC valued at $720,000 (effective 2023-07-18).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Hudson SPAC Holding, LLC
- Value
- $720,000
- Effective
- 2023-07-18
Exact text from the filing
On July 18, 2023, Hudson SPAC Holding, LLC (the “Sponsor”) entered into a non-interest bearing, unsecured promissory note issued by Hudson Acquisition I Corp. (the “Company”) in favor of the Sponsor (the “Extension Note”), providing for loans up to the aggregate principal amount of $720,000.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
Hudson Acquisition I Corp. shareholders approved Amend the Company's Certificate of Incorporation to give the Company the option to extend the date by which the Company must effect a Business Combination beyond July 18, 2023 up to nine (9) times for an additional (1) month each time to April 18, 2024 upon the deposit into the Trust Account of $80, at the 2023-07-17 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-07-17
Exact text from the filing
The Extension Amendment Proposal The stockholders approved the proposal to amend the Company's Certificate of Incorporation to give the Company the option to extend the date by which the Company must effect a Business Combination beyond July 18, 2023 up to nine (9) times for an additional (1) month each time to April 18, 2024 upon the deposit into the Trust Account of $80,000 for each calendar month. The voting results were as follows: FOR AGAINST ABSTAIN 7,150,773 340,257 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.95
Hudson Acquisition I Corp. shareholders approved Amend the Certificate of Incorporation to eliminate the Redemption Limitation. at the 2023-07-17 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-07-17
Exact text from the filing
The Redemption Limitation Amendment Proposal The stockholders approved the proposal to amend the Certificate of Incorporation to eliminate the Redemption Limitation. The voting results were as follows: FOR AGAINST ABSTAIN 7,150,773 340,257 0
View on SEC.gov
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