Kairous Acquisition Corp. Ltd (KACLF): debt financing — Kairous Acquisition extends business combination deadline to Feb 16, 2024 via $50K sponsor note

Kairous Acquisition Corp. Ltd

Sponsor Kairous Asia Limited deposited $50,000 into the trust account to extend the business combination period.
Extension moves the deadline from January 16, 2024 to February 16, 2024.
Company issued an unsecured promissory note to the sponsor for $50,000, bearing no interest.
Note will convert into ordinary shares at $10.10 per share upon closing of a business combination.

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

Kairous Acquisition Corp. Ltd incurred loan of $50,000 with Kairous Asia Limited at does not bear interest maturing upon the closing of a business combination by the Company.

Instrument: loan
Principal: $50,000
Counterparty: Kairous Asia Limited
Rate: does not bear interest
Maturity: upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On January 10, 2024, Kairous Acquisition Corp. Limited (the “Company” or “Kairous”) issued an unsecured promissory note in the aggregate principal amount of $50,000 (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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Kairous Acquisition Corp. Ltd filing history →

Source: SEC EDGAR

accession 0001493152-24-002478

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