WinVest Acquisition Corp. (WINV): debt financing — WinVest Acquisition Corp. extends termination date to Feb 17, 2023 via $125K sponsor deposit

WinVest Acquisition Corp.

Sponsor deposited $125,000 into trust account to extend deadline for initial business combination from Jan 17 to Feb 17, 2023.
Funding comes from second drawdown on $750,000 unsecured promissory note issued to sponsor on Dec 5, 2022.
Note bears no interest; convertible at sponsor's option into private warrants at $0.50 per warrant upon closing of a business combination.
Board may further extend monthly until June 17, 2023 with additional $125,000 deposits per extension.

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

WinVest Acquisition Corp. incurred loan of $750,000 with WinVest SPAC LLC at does not bear interest maturing upon the earlier of (a) the closing of a Business Combination and (b) the Company’s liquidation.

Instrument: loan
Principal: $750,000
Counterparty: WinVest SPAC LLC
Rate: does not bear interest
Maturity: upon the earlier of (a) the closing of a Business Combination and (b) the Company’s liquidation
Event: incurrence

Exact text from the filing

or a Registrant. As previously disclosed, on December 5, 2022, WinVest Acquisition Corp. (the “Company”) issued an unsecured promissory note in the principal amount of $750,000 (the “Promissory Note”) to WinVest SPAC LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to loan to the Company up to $750,000 in

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WinVest Acquisition Corp. filing history →

Source: SEC EDGAR

accession 0001493152-23-001430

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