Perception Capital Corp. III: debt financing — Portage Fintech secures up to $1.5M working capital loan from Polar Multi-Strategy Master Fund

Perception Capital Corp. III

Investor commits up to $1.3M (plus optional $200K) to Sponsor, loaned to SPAC for working capital.
SPAC will issue 0.9 Class A shares per dollar funded at De-SPAC closing; shares have no lock-up.
Loan is non-interest bearing, repaid at closing; Sponsor passes proceeds to Investor within 5 days.
If default, Sponsor transfers 0.1 shares per $1 funded (monthly escalation) up to 1.35M shares.
SPAC extended business combination deadline to July 23, 2024; this funding supports ongoing operations.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Perception Capital Corp. III incurred loan of $1,300,000 with Perception Capital Partners IIIA, LLC at will not accrue interest maturing upon the closing of the Company's initial business combination.

Instrument: loan
Principal: $1,300,000
Counterparty: Perception Capital Partners IIIA, LLC
Rate: will not accrue interest
Maturity: upon the closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

On August 1, 2023, Portage Fintech Acquisition Corporation (the “Company”) entered into a Subscription Agreement (the “Subscription Agreement”) with Polar Multi-Strategy Master Fund (the “Investor”) and Perception Capital Partners IIIA, LLC (the “Sponsor” and, together with the Company and Investor, the “Parties”).

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

Perception Capital Corp. III entered into Subscription Agreement with Polar Multi-Strategy Master Fund and Perception Capital Partners IIIA, LLC valued at $1,300,000 (effective 2023-08-01).

Action: entry
Agreement: equity purchase
Counterparty: Polar Multi-Strategy Master Fund and Perception Capital Partners IIIA, LLC
Value: $1,300,000
Effective: 2023-08-01

Exact text from the filing

On August 1, 2023, Portage Fintech Acquisition Corporation (the “Company”) entered into a Subscription Agreement (the “Subscription Agreement”) with Polar Multi-Strategy Master Fund (the “Investor”) and Perception Capital Partners IIIA, LLC (the “Sponsor” and, together with the Company and Investor, the “Parties”).

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Source: SEC EDGAR

accession 0001829126-23-005154

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