OCA Acquisition Corp.: debt financing — OCA Acquisition Corp. extends business combination deadline to September 20, 2023 via $90k draw

OCA Acquisition Corp.

Board approved $90k draw from promissory note to extend deadline from Aug 20 to Sep 20, 2023 (fifth of nine possible extensions).
$720k outstanding under note as of Aug 17, 2023; total principal up to $1.08M convertible into warrants at $1.00 per warrant.
Note bears no interest; repayment only from funds outside trust if no business combination consummated.

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

OCA Acquisition Corp. incurred loan of $90,000 with OCA Acquisition Holdings LLC at does not bear interest maturing upon closing of the Company's initial business combination.

Instrument: loan
Principal: $90,000
Counterparty: OCA Acquisition Holdings 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 15, 2023, the board of directors of OCA Acquisition Corp., a Delaware corporation (the “ Company ”), approved a draw of an aggregate of $90,000 (the “ Extension Funds ”) pursuant to the Promissory Note, dated as of January 19, 2023, between the Company and OCA Acquisition Holdings LLC (the “ Note ”), which Extension Funds the Company deposited into the Company’s trust account for its public stockholders on August 17, 2023.

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Source: SEC EDGAR

accession 0001213900-23-068566

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