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

OCA Acquisition Corp.

Board approved $90,000 draw under promissory note from sponsor OCA Acquisition Holdings LLC.
Funds deposited into trust account March 20, 2024 extending deadline from March 20 to April 20, 2024.
Second of eleven possible one-month extensions under amended certificate of incorporation.
Note is non-interest bearing, matures at closing of initial business combination; converts to warrants at $1.00 per warrant upon closing of PSI deal.
If no business combination, note repaid only from funds outside trust or forfeited.

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 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: upon closing of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On March 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 March 20, 2024.

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Source: SEC EDGAR

accession 0001213900-24-025154

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