Blue World Acquisition Corp: debt financing — Blue World Acquisition obtains $250K promissory note from sponsor for working capital

Blue World Acquisition Corp

Issued unsecured promissory note of $250,000 to sponsor Blue World Holdings Limited on Nov 15, 2023.
Note bears no interest and matures upon business combination or company expiry; proceeds for general working capital.
Sponsor can convert outstanding principal into private units at $10 per unit (each unit: one Class A share, half warrant, one right).
Note is exempt from registration under Section 4(a)(2) of Securities Act; repayment from trust funds is prohibited if no combination.

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 $250,000 with Blue World Holdings Limited at no interest maturing upon the earlier to occur of (i) the consummation of the Company’s business combination or (ii) the date of expiry of the term of the Company.

Instrument: loan
Principal: $250,000
Counterparty: Blue World Holdings Limited
Rate: no interest
Maturity: upon the earlier to occur of (i) the consummation of the Company’s business combination or (ii) the date of expiry of the term of the Company
Event: incurrence

Exact text from the filing

On November 15, 2023, Blue World Acquisition Corporation (the “Company”) issued an unsecured promissory note (the “Promissory Note”) in the amount of $250,000 to Blue World Holdings Limited (the “Sponsor”), a Hong Kong private company limited by shares.

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Source: SEC EDGAR

accession 0001213900-23-088309

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