Global Technology Acquisition Corp. I: debt financing — GTAC secures up to $2.5M promissory note from sponsor; draws $225K to extend deadline to July 25, 2024

Global Technology Acquisition Corp. I

Issued unsecured promissory note to sponsor HCG Opportunity II, LLC for up to $2.5M working capital and trust deposits.
Initial draw of $225K; $209K deposited into trust to extend Business Combination deadline by three months to July 25, 2024.
Note bears no interest; repayable upon Business Combination or trust liquidation, or earlier upon default.
Sponsor may convert principal into private placement warrants at $1.00 per warrant upon 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

Global Technology Acquisition Corp. I incurred loan of $225,000 with HCG Opportunity II, LLC at does not bear interest maturing upon the earlier of: (i) the date that the Company consummates a Business Combination and (ii) the date on which the Company liquidates the Trust Account upon t.

Instrument: loan
Principal: $225,000
Counterparty: HCG Opportunity II, LLC
Rate: does not bear interest
Maturity: upon the earlier of: (i) the date that the Company consummates a Business Combination and (ii) the date on which the Company liquidates the Trust Account upon t
Event: incurrence

Exact text from the filing

On April 25, 2024, the Company borrowed $225,000 under the Note and deposited $209,000 into the Trust Account to fund the initial three-month extension of the Company’s termination date until July 25, 2024.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Global Technology Acquisition Corp. I incurred loan of up to an aggregate of $2,500,000 with HCG Opportunity II, LLC at does not bear interest maturing upon the earlier of: (i) the date that the Company consummates a Business Combination and (ii) the date on which the Company liquidates the Trust Account upon t.

Instrument: loan
Principal: up to an aggregate of $2,500,000
Counterparty: HCG Opportunity II, LLC
Rate: does not bear interest
Maturity: upon the earlier of: (i) the date that the Company consummates a Business Combination and (ii) the date on which the Company liquidates the Trust Account upon t
Event: incurrence

Exact text from the filing

On April 24, 2024, Global Technology Acquisition Corp. I (the “Company”) issued an unsecured promissory note (the “Note”) to HCG Opportunity II, LLC, the Company’s sponsor (“Sponsor”), which provides for borrowings from time to time of up to an aggregate of $2,500,000 for working capital purposes and/or to finance additional deposits into the Company’s trust account

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Global Technology Acquisition Corp. I entered into Note with HCG Opportunity II, LLC valued at up to an aggregate of $2,500,000 (effective 2024-04-24).

Action: entry
Agreement: credit facility
Counterparty: HCG Opportunity II, LLC
Value: up to an aggregate of $2,500,000
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, Global Technology Acquisition Corp. I (the “Company”) issued an unsecured promissory note (the “Note”) to HCG Opportunity II, LLC, the Company’s sponsor (“Sponsor”), which provides for borrowings from time to time of up to an aggregate of $2,500,000 for working capital purposes and/or to finance additional deposits into the Company’s trust account

View on SEC.gov

316 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001493152-24-015934

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