FG Merger in an 8-K said it issued a $405,000 convertible promissory note to its sponsor, which has the option to convert any portion of the balance into privatre units at $10 each.
The SPAC also issued non-interest bearing unsecured promissory notes for $400,000 to several lenders, including certain affiliates of merger partner iCoreConnect. The balance on those notes may also be converted into units at $10 each. If FG Merger fails to complete its acquisition of iCoreConnect, the target would be on the hook for repayment of the $400,000, according to the filing.
The target is a SaaS company with an enterprise and healthcare workflow platform
The aggregate of $805,000 was deposited into the FB Trust as consideration to shareholders for approving a deadline extension on the iCoreConnect deal to Sept. 1. Read more.
Source: FG Merger Secures 5K in Loans