Aquaron Acquisition Corp.: debt financing — Aquaron extends business combination deadline to June 6, 2024 via $20K trust deposit

Aquaron Acquisition Corp.

Bestpath IoT Technology Ltd. deposited $20,000 into trust to extend deadline one month from May 6 to June 6, 2024.
Company issued a non-interest-bearing promissory note to Bestpath for $20,000, convertible at $10 per unit.
Each unit convertible consists of one share of common stock and one right to receive 1/5 of a share.
Extension provides additional time to complete a business combination.

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

Aquaron Acquisition Corp. incurred loan of $20,000 with Bestpath IoT Technology Ltd. at does not bear interest maturing upon closing of a business combination.

Instrument: loan
Principal: $20,000
Counterparty: Bestpath IoT Technology Ltd.
Rate: does not bear interest
Maturity: upon closing of a business combination
Event: incurrence

Exact text from the filing

On May 2, 2024, Aquaron Acquisition Corp. (the “ Company ”) issued an unsecured promissory note in the aggregate principal amount of $20,000 (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.

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Source: SEC EDGAR

accession 0001213900-24-039102

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