Kernel Group Holdings, Inc.: debt financing — Kernel Group extends SPAC deadline to Dec 5, 2023 via $150K trust deposit; enters $250K loan agreement

Kernel Group Holdings, Inc.

Deposited $150,000 into trust ($0.02/share) to extend business combination deadline by one month to December 5, 2023.
Entered Loan and Transfer Agreements: Lenders loaned $250K to Sponsor, which then loaned $250K to company (non-interest bearing).
Sponsor to transfer 4 Class A shares per $10,000 Funded Amount to Lenders as additional consideration.
SPAC Loan requires issuance of additional 250,000 shares of ParentCo common stock upon business combination.
This is the fourth of six possible monthly extensions under governing documents.

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

Kernel Group Holdings, Inc. incurred loan of $250,000 with Sponsor at 8% per annum maturing upon completion of the Company's initial business combination.

Instrument: loan
Principal: $250,000
Counterparty: Sponsor
Rate: 8% per annum
Maturity: upon completion of the Company's initial business combination
Event: incurrence

Exact text from the filing

On November 1, 2023 and November 6, 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 $250,000 (the " Funded Amount ") to the Sponsor (the " Loan ") and the Sponsor loaned $250,000 to the Company (the " SPAC Loan ").

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Source: SEC EDGAR

accession 0001493152-23-039757

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