Stardust Power Inc. (SDST): debt financing — GPAC II draws $150K from sponsor note for 9th extension to Jan 14, 2024

Stardust Power Inc.

Drew $150,000 from Promissory Note with sponsor Global Partner Sponsor II LLC on Dec 14, 2023.
Funds deposited into trust account to extend business combination deadline from Dec 14, 2023 to Jan 14, 2024.
This is the ninth and final one-month extension permitted under the company's amended articles.
Note is non-interest bearing, matures upon business combination; up to $1.75M principal convertible into warrants at $1.50 each.

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

Stardust Power Inc. incurred loan of $150,000 with Global Partner Sponsor II LLC at does not bear interest maturing matures upon closing of the Company's initial business combination.

Instrument: loan
Principal: $150,000
Counterparty: Global Partner Sponsor II LLC
Rate: does not bear interest
Maturity: matures upon closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

drew an aggregate of $150,000 (the “Extension Funds”), as approved by unanimous director resolution, dated December 6, 2023, pursuant to the Promissory Note, dated January 13, 2023 between the Company and Global Partner Sponsor II LLC (the “Note”), which Extension Funds the Company deposited into the Company’s trust account for its public shareholders.

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Stardust Power Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-095717

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