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Corner Growth Acquisition Corp. 2 (NASDAQ:TRONU), a blank check company operating in the increasingly scrutinized SPAC market, disclosed Thursday that it has entered into a loan agreement with Connor Square, LLC for up to $1,000,000 in working capital, according to a statement filed with the Securities and Exchange Commission. Track this and other SPACs with InvestingPro’s comprehensive SPAC monitoring tools.
The loan, formalized through a promissory note dated August 14, is non-interest bearing and will become payable only upon the company’s successful completion of a business combination, such as a merger, share exchange, or asset acquisition. If a business combination is consummated, Connor Square will have the option to convert the principal balance of the note, in whole or in part, into warrants of the company. Each warrant would entitle the holder to purchase one Class A ordinary share at a conversion price of $1.50 per share. The terms of the warrants issued upon conversion would match those of the private placement warrants sold at the company’s initial public offering.
If Corner Growth Acquisition Corp. 2 does not complete a business combination, the note will not be repaid and all outstanding amounts will be forgiven except to the extent that the company has funds available outside of its trust account established for the IPO.
The company stated that the issuance of the note is exempt from registration under Section 4(a)(2) of the Securities Act of 1933. This information is based on a press release statement included in the company’s SEC filing.
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