Kairous Acquisition Corp. Ltd (KACLF): debt financing — Kairous Acquisition extends business combination deadline to July 16, 2023 with $120,000 trust deposit

Kairous Acquisition Corp. Ltd

Sponsor deposited $120,000 into trust account to extend the business combination deadline from June 16 to July 16, 2023.
Company issued a $120,000 non-interest-bearing promissory note to sponsor, convertible into ordinary shares at $10.10/share upon closing.
Extension provides an additional one month to complete the 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 0.95

Kairous Acquisition Corp. Ltd incurred loan of $120,000 with Kairous Asia Limited at The Note does not bear interest maturing matures upon the closing of a business combination by the Company.

Instrument: loan
Principal: $120,000
Counterparty: Kairous Asia Limited
Rate: The Note does not bear interest
Maturity: matures upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On June 9, 2023, Kairous Acquisition Corp. Limited (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $120,000 (the “Note”) to Kairous Asia 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 0001493152-23-021359

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