Kernel Group Holdings, Inc.: debt financing — Kernel Group extends business combination deadline to Oct 5, 2023 via $150K deposit and $900K loan arrangement

Kernel Group Holdings, Inc.

On September 5, 2023, deposited $150,000 ($0.02/share) into trust to extend deadline to Oct 5, 2023 (second of six monthly extensions).
On July 31, 2023, entered Loan and Transfer Agreements; lenders loaned $900k to sponsor, sponsor loaned $900k to company (SPAC Loan).
SPAC Loan bears no interest, repayable at completion of business combination; lender loan to sponsor accrues 8% interest.
Sponsor transfers 4 Class A shares per $10,000 funded to lenders; SPAC Loan requires 900,000 additional ParentCo shares.
Extension keeps AIRO Group business combination alive; must complete by Oct 5, 2023.

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

Kernel Group Holdings, Inc. incurred loan of $900,000 with Sponsor (VKSS Capital, LLC) and Lenders at 8% per annum (Loan); SPAC Loan does not accrue interest maturing upon the completion of the Company's initial business combination.

Instrument: loan
Principal: $900,000
Counterparty: Sponsor (VKSS Capital, LLC) and Lenders
Rate: 8% per annum (Loan); SPAC Loan does not accrue interest
Maturity: upon the completion of the Company's initial business combination
Event: incurrence

Exact text from the filing

the Lenders loaned an aggregate of $900,000 (the " Funded Amount ") to the Sponsor (the " Loan ") and the Sponsor loaned $900,000 to the Company (the " SPAC Loan "). The Loan shall accrue interest at 8% per annum and the SPAC Loan does not accrue interest.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.85

Kernel Group Holdings, Inc. entered into Loan and Transfer Agreements with Sponsor (effective 2023-07-31).

Action: entry
Counterparty: Sponsor
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023, the Company entered into Loan and Transfer Agreements between the Company, the Sponsor, and other parties (the “ Lenders ”), pursuant to which the Lenders loaned an aggregate of $900,000 (the “ Funded Amount ”) to the Sponsor (the “ Loan ”) and the Sponsor loaned $900,000 to the Company (the “ SPAC Loan ”).

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Source: SEC EDGAR

accession 0001493152-23-031989

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