Nova Vision Acquisition Corp: debt financing — Nova Vision obtains $350K promissory note from sponsor for working capital

Nova Vision Acquisition Corp

Issued $350,000 unsecured note to sponsor Nova Pulsar Holdings on July 3, 2023.
Note is non-interest bearing, due upon close of a business combination or terminated if no deal by Aug 10, 2023.
Holder may convert note into units at $10.00 per unit, matching IPO unit terms.
Proceeds used for working capital; note ranks behind trust account claims via waiver.
Sponsor waives any claim against the trust account, as disclosed in the prospectus.

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 loan of $350,000 with Nova Pulsar Holdings Limited maturing upon the closing of a business combination by the Company.

Instrument: loan
Principal: $350,000
Counterparty: Nova Pulsar Holdings Limited
Maturity: upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On July 3, 2023, Nova Vision Acquisition Corp. (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $350,000 (the “Note”) to Nova Pulsar Holdings Limited, the Company’s initial public offering sponsor (“Sponsor”) in exchange for Sponsor providing such amount to the Company as the Company’s working capital. 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 0001493152-23-023360

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