Osiris Acquisition in an 8-K today said it amended the promissory note with its sponsor for additional loan capacity of $1.6million. This increases the maximum principal amount to $3,000,000.
The SPAC drew $1 million under the note. The principal amount outstanding is now $2.5 million, bearing annual interest at a rate of 0.96%. Tee loan is due on the earlier of a business combination or the SPAC's liquidation.
Osiris raised $230 million in a May 2021 IPO with plans at that time to “combine with and maximize the value of a fundamentally strong franchise that is facing temporary dislocation due to idiosyncratic events stemming from the covid-19 pandemic.” Read more.