Inception Growth Acquisition Ltd (IGTA): debt financing — SPAC Inception Growth Acquisition borrows $100K from sponsor ahead of May 13 deadline

Inception Growth Acquisition Ltd

Issued unsecured promissory note for $100,000 to sponsor Soul Venture Partners LLC on April 26, 2024.
Note bears no interest and matures upon closing of a business combination.
If no business combination closes by May 13, 2024 (subject to extension), note terminates with no payment due.
Sponsor waived any claim against the trust account, a standard SPAC protection.
Proceeds likely used for working capital or to extend the combination deadline.

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

Inception Growth Acquisition Ltd incurred loan of $100,000 with Soul Venture Partners LLC at does not bear interest maturing upon the closing of a business combination by the Company.

Instrument: loan
Principal: $100,000
Counterparty: Soul Venture Partners LLC
Rate: does not bear interest
Maturity: upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On April 26, 2024, Inception Growth Acquisition Limited (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $100,000 (the “Note”) to Soul Venture Partners LLC, the Company’s initial public offering sponsor (“Sponsor”).

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316 debt financings filed in the last 30 days. Browse all debt financings →

Inception Growth Acquisition Ltd filing history →

Source: SEC EDGAR

accession 0001213900-24-036823

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