OCA Acquisition Corp.: debt financing — OCA Acquisition Corp. draws $90K to extend business combination deadline to March 20, 2024

OCA Acquisition Corp.

Board approved $90,000 draw under promissory note with Sponsor, deposited into trust account to extend deadline by one month.
Extension from February 20 to March 20, 2024, first of up to eleven monthly extensions permitted under charter.
Note is non-interest bearing, matures upon closing of initial business combination, and is forgivable if no deal occurs.
Sponsor agreed to convert outstanding note principal into warrants at $1.00 per warrant upon closing of PSI business combination.
Company is pursuing a business combination with Powermers Smart Industries, Inc. (PSI).

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 February 20, 2024, 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 (the " Note "), dated as of January 11, 2024, between the Company and OCA Acquisition Holdings LLC (the " Sponsor "), which Extension Funds the Company deposited into the Company's trust account for its public stockholders on February 20, 2024.

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Source: SEC EDGAR

accession 0001213900-24-016147

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