Mountain Crest Acquisition Corp. IV: debt financing — Mountain Crest Acquisition Corp. IV issues $400K convertible promissory note to CH-Auto

Mountain Crest Acquisition Corp. IV

Issued $400,000 unsecured promissory note to CH-Auto Technology Corp. on June 7, 2023.
Note due upon business combination or liquidation; bears no interest.
Convertible into MCAF common stock at $10/share at CH-Auto’s option.
Note forgiven if business combination not consummated, except for trust account funds.
Provides working capital ahead of merger deadline by July 2, 2023 per Merger Agreement.

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 loan of $400,000 with CH-Auto Technology Corporation Ltd. at does not bear interest maturing the earlier of: (i) the date on which Company consummates an initial business combination with a target business, or (ii) the date the Company liquidates if a b.

Instrument: loan
Principal: $400,000
Counterparty: CH-Auto Technology Corporation Ltd.
Rate: does not bear interest
Maturity: the earlier of: (i) the date on which Company consummates an initial business combination with a target business, or (ii) the date the Company liquidates if a b
Event: incurrence

Exact text from the filing

On June 7, 2023, Mountain Crest Acquisition Corp. IV (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $400,000 (the “Note”) to CH-Auto Technology Corporation Ltd. (“CH Auto”).

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Source: SEC EDGAR

accession 0001829126-23-004013

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