Blue World Acquisition Corp: debt financing — Blue World Acquisition issues $320K promissory note to sponsor for working capital

Blue World Acquisition Corp

Unsecured promissory note of up to $320,000 issued to sponsor Blue World Holdings Limited.
Note bears no interest; principal due upon consummation of a business combination or expiry of the company.
Sponsor may convert outstanding principal into private units at $10.00 per unit before closing of a business combination.
Proceeds used for general working capital; draws available until business combination.
Note is unregistered and issued under Section 4(a)(2) exemption; conversion units subject to registration rights.

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

Blue World Acquisition Corp incurred loan of up to $320,000 with Blue World Holdings Limited at no interest maturing upon the consummation of BWAQ's business combination.

Instrument: loan
Principal: up to $320,000
Counterparty: Blue World Holdings Limited
Rate: no interest
Maturity: upon the consummation of BWAQ's business combination
Event: incurrence

Exact text from the filing

On April 19, 2024, Blue World Acquisition Corporation (“ BWAQ ”) issued an unsecured promissory note (the “ Note ”) in the principal amount of up to $320,000 to Blue World Holdings Limited, the sponsor of the Company (the “ Sponsor ”).

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Source: SEC EDGAR

accession 0001213900-24-034499

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