Kairous Acquisition Corp. Ltd (KACLF): debt financing — Kairous Acquisition Corp. extends business combination deadline to December 16, 2023 with $120K trust deposit

Kairous Acquisition Corp. Ltd

Sponsor deposited $120,000 into trust to extend the period to complete a business combination by one month, to December 16, 2023.
Company issued a non-interest-bearing promissory note to sponsor for $120,000, convertible into ordinary shares at $10.10 per share upon closing.
The extension provides additional time for the Company to consummate a business combination.
The note matures at closing of a business combination and bears no interest.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Kairous Acquisition Corp. Ltd incurred loan of $120,000 with Kairous Asia Limited at does not bear interest maturing upon the closing of a business combination.

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

Exact text from the filing

On November 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.

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Source: SEC EDGAR

accession 0001493152-23-040332

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