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Cartesian Growth Corporation II ("the Company"), a blank check company, has entered into an agreement on Monday, issuing an unsecured promissory note to CGC II Sponsor LLC ("the Sponsor"). The note, which amounts to $250,000, will mature on the earlier of two events: the consummation of the Company’s initial business combination or the effective date of the Company’s winding up.
The note does not accrue interest and its principal is due on the maturity date, which is the sooner of the two events mentioned. Additionally, the Sponsor has the option to convert any or all of the principal amount into warrants at a rate of $1.00 per warrant on the maturity date. These warrants, if issued, would have the same terms as the private placement warrants issued during the Company’s initial public offering (IPO) on May 5, 2022.
In case of default, the unpaid principal and any other payable sums will become due immediately. The issuance of this note is exempt from registration under Section 4(a)(2) of the Securities Act of 1933.
The Company’s filing with the U.S. Securities and Exchange Commission provides further details on the note. This move is part of the Company’s financial arrangements as it continues to seek a business combination target. The information in this article is based on a press release statement.
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