Mountain Crest Acquisition Corp. IV: debt financing — Mountain Crest SPAC extends deadline to July 2, 2023, borrows $350K from target CH Auto

Mountain Crest Acquisition Corp. IV

Extended business combination deadline from April 2 to July 2, 2023 by depositing $343,936 into trust.
Borrowed $350,000 from CH Auto Technology (target company) via unsecured promissory note.
Note is non-interest bearing, due at close of business combination or liquidation.
Note may be converted into common stock at $10.00/share at CH Auto's option.
Proceeds used to fund the extension deposit into trust account.

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

Mountain Crest Acquisition Corp. IV incurred convertible notes of $350,000 with CH AUTO (CH Auto Technology Corporation Ltd.) maturing due and payable on the earlier of: (i) the date on which Company consummates an initial business combination with a target business, or (ii) the date the Compan.

Instrument: convertible notes
Principal: $350,000
Counterparty: CH AUTO (CH Auto Technology Corporation Ltd.)
Maturity: due and payable on the earlier of: (i) the date on which Company consummates an initial business combination with a target business, or (ii) the date the Compan
Event: incurrence

Exact text from the filing

On March 29, 2023, the Company issued an unsecured promissory note in the aggregate principal amount of $350,000 (the "Note") to CH AUTO.

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Source: SEC EDGAR

accession 0001829126-23-002383

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