WinVest Acquisition Corp. (WINV): debt financing — WinVest extends termination date to Aug 17; deposits $65k into trust

WinVest Acquisition Corp.

$65,000 deposited into trust ($0.051 per unredeemed share) to extend deadline from July 17 to August 17, 2023.
Funds drawn from $390,000 unsecured promissory note issued by sponsor WinVest SPAC LLC, bearing no interest.
Note convertible into private warrants at $0.50 per warrant upon consummation of a business combination.
Board may further extend monthly through December 17, 2023, with an additional $65,000 deposit per extension.
Company continues to seek an 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

WinVest Acquisition Corp. incurred loan of $65,000 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: $65,000
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

On July 14, 2023, the Company effected the second drawdown of $65,000 under the Promissory Note and caused the Sponsor to deposit such sum into the Trust Account in connection with the extension of the Termination Date from July 17, 2023 to August 17, 2023.

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WinVest Acquisition Corp. filing history →

Source: SEC EDGAR

accession 0001493152-23-024599

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