Nova Vision Acquisition Corp: debt financing — Nova Vision extends business combination deadline to July 10, 2023 via $75K sponsor note

Nova Vision Acquisition Corp

Sponsor deposited $75,030.26 into trust ($0.0416 per non-redeemed share) to extend period by one month.
Promissory note to sponsor is unsecured, non-interest bearing, convertible into units at $10.00 per unit at close of business combination.
Extension moves deadline from June 10, 2023 to July 10, 2023 to allow more time to complete a deal.
Company targets fintech, proptech, consumertech, and supply chain management sectors for its initial 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

Nova Vision Acquisition Corp incurred convertible notes of $75,030.26 with Nova Pulsar Holdings Limited maturing matures upon the closing of a business combination by the Company.

Instrument: convertible notes
Principal: $75,030.26
Counterparty: Nova Pulsar Holdings Limited
Maturity: matures upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On June 8, 2023, Nova Vision Acquisition Corp. (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $75,030.26 (the “Note”) to Nova Pulsar Holdings Limited, the Company’s initial public offering sponsor (“Sponsor”) in exchange for Sponsor 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 matures upon the closing of a business combination by the Company.

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Source: SEC EDGAR

accession 0001493152-23-020561

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