Acri Capital Acquisition Corp: debt financing — Acri Capital extends business combination deadline to Dec 14, 2023 with $75K deposit

Acri Capital Acquisition Corp

Fifth of nine permitted monthly extensions, moving deadline from Nov 14 to Dec 14, 2023.
Sponsor Acri Capital Sponsor LLC deposited $75,000 into trust account for the extension.
Sponsor received an unsecured, non-interest bearing promissory note convertible into warrants at $1.00 per warrant.
Note is payable at closing of business combination or liquidation; principal may be prepaid.
Press release issued November 13, 2023; filing under Items 2.03, 3.02, 7.01, and 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 0.95

Acri Capital Acquisition Corp incurred loan of 75,000 with Acri Capital Sponsor LLC at non-interest bearing maturing on the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: 75,000
Counterparty: Acri Capital Sponsor LLC
Rate: non-interest bearing
Maturity: on the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

the Company issued an unsecured promissory note of $75,000 (the “ Note ”) to its sponsor, Acri Capital Sponsor LLC (the “ Sponsor ”). The Note is non-interest bearing and payable (subject to the waiver against trust provisions) on the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.

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Source: SEC EDGAR

accession 0001213900-23-085714

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