Battery Future Acquisition Corp.: debt financing — BFAC extends deadline to Nov 17 after $250K Pala deposit; note cap raised to $1.25M

Battery Future Acquisition Corp.

$250K deposited into trust for fifth one-month extension; new deadline Nov 17, 2023.
Second A&R Pala Note raises aggregate borrowing capacity to $1.25M from prior limit.
The $250K loan is convertible into warrants at $1/warrant, up to $6.9M aggregate for trust extension loans.
Pala may convert trust extension loans into warrants identical to private placement warrants from IPO.

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

Battery Future Acquisition Corp. incurred loan of $250,000 with Pala Investments Limited at zero percent maturing the earlier of (i) the date on which the business combination is consummated and (ii) the date of the Company’s liquidation.

Instrument: loan
Principal: $250,000
Counterparty: Pala Investments Limited
Rate: zero percent
Maturity: the earlier of (i) the date on which the business combination is consummated and (ii) the date of the Company’s liquidation
Event: incurrence

Exact text from the filing

nsecured convertible promissory note (the “Pala Note”) to Pala Investments Limited (“Pala”) with each advance not to exceed $500,000. Pursuant to the Pala Note, BFAC agreed to repay the outstanding principal

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

Battery Future Acquisition Corp. entered into Pala Note with Pala Investments Limited.

Action: entry
Agreement: notes offering
Counterparty: Pala Investments Limited

Exact text from the filing

Battery Future Acquisition Corp. (“BFAC” or the “Company”) issued an unsecured convertible promissory note (the “Pala Note”) to Pala Investments Limited (“Pala”)

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

Battery Future Acquisition Corp. amended Second A&R Pala Note with Pala Investments Limited valued at $1,250,000 (effective 2023-10-12).

Action: amendment
Agreement: notes offering
Counterparty: Pala Investments Limited
Value: $1,250,000
Effective: 2023-10-12

Exact text from the filing

On October 12, 2023, the Company and Pala amended and restated the A&R Pala Note (the “Second A&R Pala Note”) to increase the aggregate principal amount available to be borrowed up to $1,250,000

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

Battery Future Acquisition Corp. amended A&R Pala Note with Pala Investments Limited (effective 2023-08-08).

Action: amendment
Agreement: notes offering
Counterparty: Pala Investments Limited
Effective: 2023-08-08

Exact text from the filing

nsecured convertible promissory note (the “Pala Note”) to Pala Investments Limited (“Pala”) with each advance not to exceed $500,000. Pursuant to the Pala Note, BFAC agreed to repay the outstanding principal

View on SEC.gov

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Source: SEC EDGAR

accession 0001829126-23-006616

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