Yotta Acquisition Corp: debt financing — Yotta extends SPAC business combination deadline to July 22; issues $40K note to sponsor

Yotta Acquisition Corp

Deposited $120,000 into trust account to extend combination period by one month to July 22, 2023.
Issued $40,000 unsecured promissory note to sponsor Yotta Investment LLC; no interest, matures upon business combination.
NaturalShrimp (merger target) paid half of the $120,000 extension fee; Yotta paid the other half.
Extension provides additional time to complete business combination with NaturalShrimp.

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

Yotta Acquisition Corp incurred loan of $40,000 with Yotta Investment LLC at does not bear interest maturing upon the closing of a business combination by the Company.

Instrument: loan
Principal: $40,000
Counterparty: Yotta Investment LLC
Rate: does not bear interest
Maturity: upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On June 20, 2023, Yotta Acquisition Corporation (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $40,000 (the “Note”) to Yotta Investment LLC, the Company’s initial public offering sponsor (“Sponsor”), in exchange for Sponsor depositing such amount into the Company’s trust account in order to extend the amount of time it has available to complete a business combination. The Note does not bear interest and matures upon the closing of a business combination by the Company.

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Source: SEC EDGAR

accession 0001829126-23-004336

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