Aquaron Acquisition Corp.: debt financing — Aquaron Acquisition receives $70k deposit to extend business combination deadline to April 6, 2024

Aquaron Acquisition Corp.

Bestpath IoT Technology deposited $70,000 into trust account to extend deadline one month from March 6 to April 6, 2024.
Company issued unsecured promissory note for the deposit, bearing no interest and convertible at $10.00 per unit.
Note matures upon closing of a business combination and can be converted into common stock identical to IPO shares.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

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 March 1, 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.

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Source: SEC EDGAR

accession 0001213900-24-018759

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