Blue World Acquisition Corp: debt financing — Blue World Acquisition extends deadline to Oct 2, 2023 with $60k sponsor deposit

Blue World Acquisition Corp

Sponsor Blue World Holdings deposited $60,000 into trust to extend deadline one month to October 2, 2023.
Extension evidenced by unsecured promissory note with no interest, payable at business combination.
Sponsor can convert note into private units at $10/unit upon business combination.
Company has option to extend up to nine times until April 2, 2024 with $60k per month.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

Blue World Acquisition Corp incurred loan of $60,000 with Blue World Holdings Limited (the Sponsor) at no interest maturing upon the consummation of the Company's business combination.

Instrument: loan
Principal: $60,000
Counterparty: Blue World Holdings Limited (the Sponsor)
Rate: no interest
Maturity: upon the consummation of the Company's business combination
Event: incurrence

Exact text from the filing

On September 1, 2023, a total of $60,000 was deposited into the trust account of the Company (the "Extension Fee") to extend the timeline to complete a business combination for an additional one month from September 2, 2023 to October 2, 2023 (the "Extension"). Such deposit of the Extension Fee is evidenced by an unsecured promissory note (the "Extension Note") in the principal amount of $60,000 to the Sponsor.

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Source: SEC EDGAR

accession 0001213900-23-073585

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