Stardust Power Inc. (SDST): debt financing — GPAC draws $150,000 from sponsor note to extend business combination deadline to September 14, 2023

Stardust Power Inc.

Drew $150,000 under Promissory Note with Global Partner Sponsor II LLC to fund fifth one-month extension.
Extension moves deadline from August 14, 2023 to September 14, 2023; fifth of nine one-month extensions permitted.
Note bears no interest, matures upon closing of initial business combination; repayment only from trust account excess if no deal.
Up to $1.75M of note principal convertible into warrants at $1.50 per warrant, identical to private placement warrants.

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

Stardust Power Inc. incurred loan of $150,000 with Global Partner Sponsor II LLC at does not bear interest maturing upon closing of the Company's initial business combination.

Instrument: loan
Principal: $150,000
Counterparty: Global Partner Sponsor II LLC
Rate: does not bear interest
Maturity: upon closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

On August 14, 2023, Global Partner Acquisition Corp II (the “Company”) drew an aggregate of $150,000 (the “Extension Funds”), as approved by unanimous director resolution, dated August 10, 2023, pursuant to the Promissory Note, dated January 13, 2023 between the Company and Global Partner Sponsor II LLC (the “Note”), which Extension Funds the Company deposited into the Company’s trust account for its public shareholders.

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101 debt financings filed in the last 30 days. Browse all debt financings →

Stardust Power Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-067245

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