UY Scuti Acquisition Corp. issued a $450,000 promissory note to extend its business combination deadline to July 1, 2026, with conversion into units upon closing.
Key takeaways
Company received $450,000 loan from Sun Peisha to extend business combination deadline to July 1, 2026.
Promissory note is unsecured, bears no interest, and converts into units at $10.00 per unit upon business combination.
If business combination is not consummated, the note will not be repaid and all amounts will be forgiven.
The note was issued under Section 4(a)(2) exemption from registration.
Conversion units consist of one ordinary share and one right to receive one-fifth of one ordinary share.