OCA Acquisition Corp.: debt financing — OCA Acquisition draws $90K for one-month extension of SPAC deadline to Jan 20, 2024

OCA Acquisition Corp.

Board approved $90,000 draw under promissory note from OCA Acquisition Holdings LLC; funds deposited into trust on Dec 19, 2023.
Extends deadline to complete initial business combination from Dec 20, 2023 to Jan 20, 2024 (final one-month extension).
Note is non-interest bearing, matures upon closing of business combination; if no deal, repaid only from funds outside trust or forfeited.
As of Dec 19, 2023, $1,080,000 outstanding under Note; up to that amount convertible into warrants at $1 per warrant.

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 loan of $90,000 with OCA Acquisition Holdings LLC at does not bear interest maturing matures upon closing of the Company’s initial business combination.

Instrument: loan
Principal: $90,000
Counterparty: OCA Acquisition Holdings LLC
Rate: does not bear interest
Maturity: matures upon closing of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On December 13, 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 December 19, 2023.

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Source: SEC EDGAR

accession 0001213900-23-097338

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