OCA Acquisition Corp.: debt financing — OCA Acquisition Corp. draws $90k to extend business combination deadline to Oct 20, 2023

OCA Acquisition Corp.

Board approved $90,000 draw under Promissory Note with OCA Acquisition Holdings LLC for one-month extension.
Sixth of nine permitted one-month extensions; new deadline for initial business combination is October 20, 2023.
Note is non-interest bearing, matures upon closing of business combination, and up to $1,080,000 may convert into warrants.
As of September 20, 2023, $810,000 was outstanding under the Note.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.97

OCA Acquisition Corp. incurred loan of $810,000 outstanding under the Note as of September 20, 2023, with an additional $90,000 draw on that date with OCA Acquisition Holdings LLC at The Note does not bear interest maturing matures upon closing of the Company's initial business combination.

Instrument: loan
Principal: $810,000 outstanding under the Note as of September 20, 2023, with an additional $90,000 draw on that date
Counterparty: OCA Acquisition Holdings LLC
Rate: The Note does not bear interest
Maturity: matures upon closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

On September 20, 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 September 20, 2023.

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Source: SEC EDGAR

accession 0001213900-23-078041

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