SHUAA Partners Acquisition Corp I: debt financing — SHUAA Partners extends business combination deadline to Oct 4, 2023; secures $1M working capital note from sponsor

SHUAA Partners Acquisition Corp I

Sponsor deposited $70,000 into trust for one-month extension of deadline from Sep 4 to Oct 4, 2023.
Board approved extension; company can extend monthly up to June 4, 2024.
Issued up to $1M non-interest bearing promissory note to sponsor for working capital; due upon business combination or forgiven if no deal.
Note is unsecured and repayable only from funds outside trust; sponsor waives claim to trust.
Extension and note are standard for SPAC; no assurance of completing 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 0.9

SHUAA Partners Acquisition Corp I incurred loan of up to $1,000,000 with SHUAA SPAC Sponsor I LLC at bears no interest maturing upon the date on which the Company's initial business combination is consummated.

Instrument: loan
Principal: up to $1,000,000
Counterparty: SHUAA SPAC Sponsor I LLC
Rate: bears no interest
Maturity: upon the date on which the Company's initial business combination is consummated
Event: incurrence

Exact text from the filing

On August 31, 2023, SHUAA Partners Acquisition Corp I (the " Company ") issued a promissory note (the " Working Capital Note ") in the principal amount of up to $1,000,000 to SHUAA SPAC Sponsor I LLC (the " Sponsor ") to fund the Company's ongoing working capital needs. The Working Capital Note bears no interest and is due and payable upon the date on which the Company's initial business combination is consummated.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SHUAA Partners Acquisition Corp I entered into Working Capital Note with SHUAA SPAC Sponsor I LLC valued at principal amount of up to $1,000,000 (effective 2023-08-31).

Action: entry
Agreement: credit facility
Counterparty: SHUAA SPAC Sponsor I LLC
Value: principal amount of up to $1,000,000
Effective: 2023-08-31

Exact text from the filing

On August 31, 2023, SHUAA Partners Acquisition Corp I (the “ Company ”) issued a promissory note (the “ Working Capital Note ”) in the principal amount of up to $1,000,000 to SHUAA SPAC Sponsor I LLC (the “ Sponsor ”) to fund the Company’s ongoing working capital needs.

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Source: SEC EDGAR

accession 0001493152-23-031660

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