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

OCA Acquisition Corp.

Board approved $90K draw under Promissory Note with Sponsor OCA Acquisition Holdings LLC to fund one-month extension.
Extension moves initial business combination deadline from April 20, 2024 to May 20, 2024; third of eleven possible monthly extensions.
Note is non-interest bearing, matures upon closing of initial business combination, and repayment limited to funds outside trust account if no deal.
Sponsor agreed to convert outstanding principal into warrants at $1.00 per warrant upon closing of proposed business combination with Powermers Smart Industries (PSI).

Key facts

Extracted from this filing and checked against the source text.

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

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

Arrangement or a Registrant. On April 19, 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 ”),

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Source: SEC EDGAR

accession 0001213900-24-034943

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