Perception Capital Corp. III: debt financing — SPAC Portage Fintech borrows $1.25M from sponsor via promissory note

Perception Capital Corp. III

Promissory note with sponsor PFTA I LP allows borrowing up to $1,250,000, drawn in full on April 5, 2023.
Note is non-interest bearing, due the earlier of July 23, 2023 or a business combination.
Proceeds used to fund working capital expenses prior to any initial business combination.
Sponsor waives any claim against the trust account; repayment comes from trust proceeds upon deal close.

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

Perception Capital Corp. III incurred loan of up to $1,250,000 with PFTA I LP at non-interest bearing maturing on the earlier of July 23, 2023 and the date on which the Company consummates a business combination.

Instrument: loan
Principal: up to $1,250,000
Counterparty: PFTA I LP
Rate: non-interest bearing
Maturity: on the earlier of July 23, 2023 and the date on which the Company consummates a business combination
Event: incurrence

Exact text from the filing

On April 5, 2023, Portage Fintech Acquisition Corporation (the “Company”) issued a promissory note (the “Promissory Note”) to its sponsor, PFTA I LP, an Ontario limited partnership (the “Sponsor”), pursuant to which the Company may borrow up to $1,250,000 from the Sponsor to fund the Company’s working capital expenses prior to completion of any potential initial business combination. Also on April 5, 2023, the Company made a draw on the Promissory Note of $1,250,000. The Promissory Note is non-interest bearing and payable on the earlier of July 23, 2023 and the date on which the Company consummates a business combination.

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Source: SEC EDGAR

accession 0001829126-23-002643

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