OCA Acquisition Corp.: debt financing — OCA Acquisition Corp. draws $90k for eighth one-month extension to Dec. 20, 2023

OCA Acquisition Corp.

Board approved $90,000 draw under promissory note to trust account on Nov. 16, 2023.
Extension moves business combination deadline from Nov. 20 to Dec. 20, 2023 (eighth of nine allowed).
Note bears no interest, matures upon business combination; repayment limited to funds outside trust if no deal.
Up to $1,080,000 principal may convert into warrants at $1.00 each; $990,000 outstanding as of Nov. 21.
Extension provides additional time to complete initial business combination.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

OCA Acquisition Corp. incurred credit facility of $990,000 outstanding under the Note as of November 21, 2023; draw of $90,000 in Extension Funds with OCA Acquisition Holdings LLC at The Note does not bear interest maturing matures upon closing of the Company’s initial business combination.

Instrument: credit facility
Principal: $990,000 outstanding under the Note as of November 21, 2023; draw of $90,000 in Extension Funds
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 November 14, 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 November 16, 2023.

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Source: SEC EDGAR

accession 0001213900-23-089271

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