Revelstone Capital Acquisition Corp.: debt financing — Revelstone Capital issues $100K promissory note to sponsor La Jolla Group for working capital

Revelstone Capital Acquisition Corp.

Issued $100,000 unsecured promissory note to La Jolla Group (Sponsor) on December 18, 2023.
Note bears no interest and matures upon earlier of a business combination or December 21, 2023.
Proceeds used for working capital; note is non-convertible and unregistered.
Payee waives any claim against the $36.4M trust account established for public stockholders.
Note is standard SPAC working capital support; principal due promptly at maturity or 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

Revelstone Capital Acquisition Corp. incurred loan of $100,000 with La Jolla Group at does not bear interest maturing upon closing of a business combination by the Company.

Instrument: loan
Principal: $100,000
Counterparty: La Jolla Group
Rate: does not bear interest
Maturity: upon closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On December 18, 2023, Revelstone Capital Acquisition Corp. (the “ Company ”) issued one unsecured promissory note (the “ Note ”) in an amount of $100,000, to La Jolla Group (“ Sponsor ”), for working capital. The Note does not bear interest and matures upon closing of a business combination by the Company.

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Source: SEC EDGAR

accession 0001213900-23-098203

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