Nova Vision Acquisition Corp: debt financing — Nova Vision Acquisition Corp. issues $1.5M promissory note to sponsor for working capital

Nova Vision Acquisition Corp

Issued $1.5M unsecured promissory note to sponsor Nova Pulsar Holdings for working capital.
Note bears no interest, matures upon closing of a business combination, or terminates if no combination by Oct 10, 2023.
Sponsor may convert the note into units at $10 per unit, identical to IPO units.
Note includes trust waiver: sponsor has no claim on trust account funds.

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 $1,500,000 with Nova Pulsar Holdings Limited maturing upon the closing of a business combination by the Company.

Instrument: loan
Principal: $1,500,000
Counterparty: Nova Pulsar Holdings Limited
Maturity: upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On September 28, 2023, Nova Vision Acquisition Corp. (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $1,500,000 (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 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 0001493152-23-034616

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