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AA Mission Acquisition Corp. (the "Company"), a blank check company targeting the real estate and construction sector, has entered into a material definitive agreement by issuing a convertible promissory note to its sponsor, AA Mission Acquisition Sponsor Holdco LLC (the "Sponsor"). The note, dated May 22, 2025, has an aggregate principal amount of $1,000,000 and is set to be payable after the Company completes an initial business combination.
The terms of the note allow for conversion into units of the post-business combination entity at $10.00 per unit, mirroring the private placement units sold during the Company’s initial public offering. Each unit comprises one Class A ordinary share of the Company, with a par value of $0.0001, and half of one redeemable warrant. Every whole warrant grants the holder the right to purchase one Class A ordinary share at $11.50 per share.
The Company, incorporated in the Cayman Islands and headquartered in The Woodlands, TX, is listed on the New York Stock Exchange under the ticker symbols AAM.U for its units, AAM for its Class A ordinary shares, and AAM.W for its warrants.
This financial move comes as the Company prepares for its initial business combination, which is a significant step for special purpose acquisition companies (SPACs) like AA Mission Acquisition Corp. The conversion feature of the note provides the Sponsor with an option to participate in the equity of the combined entity, aligning the interests of the Sponsor with the future success of the Company’s business endeavors.
The details of the note are outlined in the Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission (SEC) on May 29, 2025. The information provided in this article is based on the statements from the press release.
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