Acri Capital Acquisition Corp: debt financing — Acri Capital extends deadline to June 14, 2024; sponsor provides $50k convertible note

Acri Capital Acquisition Corp

Deposited $50,000 into trust to extend business combination deadline from May 14 to June 14, 2024 (second of nine possible monthly extensions).
Issued $50,000 unsecured promissory note to sponsor Acri Capital Sponsor LLC, convertible into warrants at $1.00 per warrant.
Note non-interest bearing; payable at business combination or liquidation; holder may convert to private placement warrants.
Press release issued May 10, 2024 confirms extension; warrants subject to 30-day lock-up and 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 0.95

Acri Capital Acquisition Corp incurred debt of $50,000 with Acri Capital Sponsor LLC at non-interest bearing maturing the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.

Principal: $50,000
Counterparty: Acri Capital Sponsor LLC
Rate: non-interest bearing
Maturity: the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

o its sponsor, Acri Capital Sponsor LLC (the “ Sponsor ”). The Note is non-interest bearing and payable (subject to the waiver against trust provisions) on the earlier of (i) consummation of the Company’s

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Source: SEC EDGAR

accession 0001213900-24-041719

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