Blue World Acquisition Corp: debt financing — Blue World Acquisition extends business combination deadline to Nov 2 with $60k deposit

Blue World Acquisition Corp

Sponsor deposited $60,000 into trust to extend completion deadline from Oct 2 to Nov 2, 2023.
Extension evidenced by unsecured, non-interest-bearing promissory note payable upon consummation of a business combination.
Sponsor may convert note into private units at $10.00 per unit upon a business combination.
Company may further extend monthly up to April 2, 2024, with additional $60,000 deposits 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 at no interest maturing upon the consummation of the Company’s business combination.

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

Exact text from the filing

On September 27, 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 October 2, 2023 to November 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 0001213900-23-080490

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