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On August 13, 2024, Onyx Acquisition Co. I ("Onyx"), a blank check company, entered into a revised financial agreement with its sponsor, Onyx Acquisition Sponsor Co. LLC, to enhance its capital resources ahead of a planned business combination.
The amended and restated promissory note increases the available principal amount from $1,470,000 to $2,270,000, providing Onyx with additional funds to draw upon as needed before the completion of its initial business transaction.
The new arrangement, which supersedes the original note dated November 3, 2023, does not bear interest and is set to mature on the date of Onyx's anticipated business combination. The repayment of the restated note is contingent upon Onyx having available funds outside of the trust account established during its initial public offering.
This financial instrument is structured to support Onyx's operational needs without tapping into the trust account funds reserved for the completion of its initial business combination.
The restated note also includes customary events of default, ensuring that the sponsor's interests are safeguarded.
Onyx, which trades on The Nasdaq Stock Market LLC under the symbols ONYXU for its units, ONYX for its Class A Ordinary Shares, and ONYXW for its redeemable warrants, has not disclosed specific plans regarding the target or timing of its business combination.
The revised financial agreement signals Onyx's proactive approach to ensuring sufficient capital is available to support its strategic objectives leading up to this key corporate event.
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