secwatch.observer — SEC 8-K summary
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Issuer:     26 Capital Acquisition Corp. (—)
CIK:        0001822912
Form:       8-K
Filed at:   2023-08-08T23:59:59+00:00
Accession:  0001213900-23-064641
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

26 Capital enters $1M convertible note with sponsor affiliate for working capital; borrows $560k
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- Company issued up to $1M convertible note to Spring Owl Asset Management, an affiliate of sponsor 26 Capital Holdings.
- Borrowings: $200k on July 19, $150k on July 25, $110k on Aug 3, $100k on Aug 8 under the new note.
- Amended existing secured note with sponsor to terminate remaining $700k undrawn; max reduced from $2M to $1.3M.
- Note may convert into Class A common stock at 30-day avg closing price upon merger close, subject to shareholder approval.
- Proceeds support fees, expenses, and general corporate purposes related to pending merger with Tiger Resort Asia (Okada Manila).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1822912/000121390023064641/0001213900-23-064641-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1822912/000121390023064641/ea183092-8k_26capital.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-064641

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer