The principal balance of each note will be repayable by the SPAC when it completes a merger or liquidates. However, if an initial business combination is not completed, the notes will not be repaid and all amounts owed will be forgiven except to the extent that the SPAC has funds available to it outside of the trust account.

The redemption price per share is approximately $11.40, based on the $131.3 million in trust as of Feb. 22.

The parties in October lowered the minimum proceeds condition to €40 million. The agreement initially called for the SPAC to deliver at least €50 million in cash.

FC Barcelona plans to list its digital unit Barca Media on the nasdaq through the SPAC deal. FC Barcelona would keep an 80% stake in Barca Media, while the SPAC would own the remaining 20%. Read more.

Source: Mountain & Co. I Issues .2M in Convertible Notes