TMT Acquisition Corp.: debt financing — TMT Acquisition Corp issues $200K convertible note to Elong Power, convertible at $10/unit for deal costs

TMT Acquisition Corp.

Issued $200,000 convertible promissory note to Elong Power Holding Limited to finance transaction costs related to business combination.
Note bears no interest; principal due upon consummation of business combination; convertible at $10 per unit.
Each TMT unit comprises one ordinary share and one right to receive two-tenths of a share.
Elong deposited $200,000 into SPAC's working capital account on February 28, 2024.
Note ranks behind trust account; if no business combination, repayable only from non-trust funds.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

TMT Acquisition Corp. incurred convertible notes of $200,000 with Elong Power Holding Limited at no interest maturing upon consummation of the Business Combination.

Instrument: convertible notes
Principal: $200,000
Counterparty: Elong Power Holding Limited
Rate: no interest
Maturity: upon consummation of the Business Combination
Event: incurrence

Exact text from the filing

On February 27, 2024, TMT Acquisition Corp (the “SPAC”) issued a convertible Promissory Note to Elong Power Holding Limited (“Elong”) with a principal amount of $200,000 (the “Note”) in order to finance its transaction costs in relation to its initial business combination (the “Business Combination”).

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Source: SEC EDGAR

accession 0001493152-24-010117

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