Clover Leaf Capital Corp.: debt financing — Clover Leaf Capital extends business combination deadline to Jan 2024, secures up to $360K from sponsor

Clover Leaf Capital Corp.

Extension amendment approved, extending deadline from July 22, 2023 to January 22, 2024.
Issued $360K promissory note to sponsor Yntegra Capital Investments for trust account deposits, $60K per month.
Issued separate $300K working capital note from sponsor for expenses.
Both notes non-interest bearing, repayable upon business combination or liquidation.
First $60K deposit into trust account made July 21, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Clover Leaf Capital Corp. incurred loan of up to $360,000 with Yntegra Capital Investments, LLC at no interest maturing upon the earlier of (a) the date of the consummation of the Company’s Initial Business Combination, or (b) the date of the liquidation of the Company.

Instrument: loan
Principal: up to $360,000
Counterparty: Yntegra Capital Investments, LLC
Rate: no interest
Maturity: upon the earlier of (a) the date of the consummation of the Company’s Initial Business Combination, or (b) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

On July 24, 2023, the Company issued a promissory note (the “ Extension Note ”) in the aggregate principal amount of up to $360,000 to Yntegra Capital Investments, LLC (the “ Sponsor ”), pursuant to which the Sponsor agreed to loan to the Company up to $360,000 to deposit into the Company’s trust account (the “ Trust Account ”) for the Company’s Class A common stock, par value $0.0001, held by the Company’s public stockholders (the “ Public Shares ”) that were not redeemed in connection with the Extension Amendment.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Clover Leaf Capital Corp. incurred loan of up to $300,000 with Yntegra Capital Investments, LLC at non-interest bearing maturing upon the earlier of (i) completion of the Initial Business Combination or (ii) the date the winding up of the Company is effective.

Instrument: loan
Principal: up to $300,000
Counterparty: Yntegra Capital Investments, LLC
Rate: non-interest bearing
Maturity: upon the earlier of (i) completion of the Initial Business Combination or (ii) the date the winding up of the Company is effective
Event: incurrence

Exact text from the filing

On July 24, 2023, the Company issued a promissory note (the “ Working Capital Note ”) in the principal amount of up to $300,000 to the Sponsor. The Working Capital Note was issued in connection with advances the Sponsor may make in the future to the Company for working capital expenses. The loan is non-interest bearing and payable upon the earlier of (i) completion of the Initial Business Combination or (ii) the date the winding up of the Company is effective.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Clover Leaf Capital Corp. entered into Extension Note with Yntegra Capital Investments, LLC valued at $360,000 (effective 2023-07-24).

Action: entry
Agreement: credit facility
Counterparty: Yntegra Capital Investments, LLC
Value: $360,000
Effective: 2023-07-24

Exact text from the filing

On July 24, 2023, the Company issued a promissory note (the “ Extension Note ”) in the aggregate principal amount of up to $360,000 to Yntegra Capital Investments, LLC (the “ Sponsor ”)

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Clover Leaf Capital Corp. entered into Working Capital Note with Yntegra Capital Investments, LLC valued at $300,000 (effective 2023-07-24).

Action: entry
Agreement: credit facility
Counterparty: Yntegra Capital Investments, LLC
Value: $300,000
Effective: 2023-07-24

Exact text from the filing

On July 24, 2023, the Company issued a promissory note (the “ Working Capital Note ”) in the principal amount of up to $300,000 to the Sponsor.

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-060886

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