Kairous Acquisition Corp. Ltd (KACLF): debt financing — Kairous Acquisition extends business combo deadline to Sep 16, 2023 via $120K sponsor deposit

Kairous Acquisition Corp. Ltd

Sponsor Kairous Asia Limited deposited $120,000 into trust account to extend business combination period by one month.
Extension moves deadline from August 16, 2023 to September 16, 2023.
Company issued a non-interest bearing promissory note to sponsor for the deposit amount.
Note will convert into ordinary shares at $10.10 per share upon closing of a business combination.
Purpose of extension is to provide additional time to complete a 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 does not bear interest maturing matures upon the closing of a business combination.

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

Exact text from the filing

On August 10, 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. In addition, the Note will be converted by the holder into ordinary shares of the Company at a price of $10.10 per share at the closing of a business combination.

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Source: SEC EDGAR

accession 0001493152-23-028468

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