Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Acri Capital Acquisition Corp incurred loan of $75,000 with Acri Capital Sponsor LLC at non-interest bearing maturing earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.
- Instrument
- loan
- Principal
- $75,000
- Counterparty
- Acri Capital Sponsor LLC
- Rate
- non-interest bearing
- Maturity
- earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
- Event
- incurrence
Exact text from the filing
On February 13, 2024, an aggregate of $75,000 (the “ Monthly Extension Payment ”) was deposited into the trust account of Acri Capital Acquisition Corporation, a Delaware corporation (the “ Company ”) for the public shareholders, which enabled the Company to extend the period of time it has to consummate its initial business combination by one month from February 14, 2024 to March 14, 2024 (the “ Extension ”). The Extension is the eighth of the nine one-month extensions permitted under the Company’s governing documents. In connection with the Monthly Extension Payment, the Company issued an unsecured promissory note of $75,000 (the “ Note ”) to its sponsor, Acri Capital Sponsor LLC (the “ Sponsor ”). The Note is non-interest bearing and payable (subject to the waiver against trust provisions) on the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.
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