Golden Arrow Merger in an 8-K said it issued an unsecured promissory note for up to $750,000 to its sponsor for a working capital loan.
The note bears no interest and any portion of the principal outstanding may be convetted into warrants at $1.50 each.
healthcare-focused Golden Arrow has scheduled a March 15 meeting for shareholders to vote on a proposal to push the SPAC's termination deadline from March 19 to Dec. 19.
Golden Arrow raised $250 million in a March 2021 ipo to focus on healthcare or healthcare-related infrastructure industries in the United States and other developed countries.
The SPAC said it is in discussions with at least one potential target, but the board beleives it will need nine more months to bring a deal to closure. Read more.
Source: Golden Arrow Taps Sponsor for 0K Loan