Nova Vision Acquisition Corp: debt financing — Nova Vision Acquisition Corp. issues $170K promissory note to sponsor for working capital

Nova Vision Acquisition Corp

Unsecured note of $170,000 issued to sponsor Nova Pulsar Holdings for working capital; no interest, due upon business combination close.
Note can be converted into private units (same as IPO units) at $10.00 per unit upon request at least one business day before close.
If no business combination by February 10, 2024, the note terminates and no amounts are due.
Sponsor waives any claim against the trust account, as standard for SPAC working capital loans.
Loan provides short-term liquidity as the SPAC approaches its February 10, 2024 deadline.

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

Nova Vision Acquisition Corp incurred loan of $170,000 with Nova Pulsar Holdings Limited at does not bear interest maturing upon the closing of a business combination.

Instrument: loan
Principal: $170,000
Counterparty: Nova Pulsar Holdings Limited
Rate: does not bear interest
Maturity: upon the closing of a business combination
Event: incurrence

Exact text from the filing

On January 10, 2024, Nova Vision Acquisition Corp. (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $170,000 (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 the Company’s 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 0001493152-24-002004

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