Aquaron Acquisition Corp.: debt financing — Aquaron extends business combination deadline to Feb 6, 2024 with $70K trust deposit

Aquaron Acquisition Corp.

Bestpath IoT deposited $70,000 into trust account to extend deadline one month from Jan 6 to Feb 6, 2024.
Company issued an unsecured non-interest bearing promissory note convertible into common stock at $10.00 per unit.
Each unit consists of one share of common stock and one right to receive one-fifth of a share.
Extension provides additional time for Aquaron to complete a 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 0.99

Aquaron Acquisition Corp. incurred loan of $70,000 with Bestpath IoT Technology Ltd. at does not bear interest maturing upon closing of a business combination by the Company.

Instrument: loan
Principal: $70,000
Counterparty: Bestpath IoT Technology Ltd.
Rate: does not bear interest
Maturity: upon closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On January 3, 2024, Aquaron Acquisition Corp. (the “ Company ”) issued an unsecured promissory note in the aggregate principal amount of $70,000 (the “ Note ”) to Bestpath IoT Technology Ltd. (“ Bestpath ”) in exchange for Bestpath depositing such amount into the Company’s trust account in order to extend the amount of time it has available to complete a business combination. The Note does not bear interest and mature upon closing of a business combination by the Company.

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Source: SEC EDGAR

accession 0001213900-24-000860

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