Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Aquaron Acquisition Corp. incurred convertible notes of $70,000 with Bestpath IoT Technology Ltd. at does not bear interest maturing upon closing of a business combination by the Company.
- Instrument
- convertible notes
- 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 April 8, 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. In addition, the Note may be converted by the holder into shares of common stock of the Company identical to the common stock issued in the Company’s initial public offering at a price of $10.00 per unit (each unit is consisted of one share of common stock and one right to receive one-fifth (1/5) of a share of common stock).
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