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Corner Growth Acquisition Corp. (NASDAQ:COOLU, NASDAQ:COOL, NASDAQ:COOLW) announced Thursday it has entered into a loan agreement with Ringwood Field, LLC for up to $1 million in working capital, according to a statement based on a recent SEC filing. This development comes amid a challenging environment for SPACs, with the SPAC market seeing significant consolidation in 2023.
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The loan is structured as a non-interest bearing promissory note and is payable upon the completion of a business combination, such as a merger, share exchange, or asset acquisition, by Corner Growth Acquisition Corp. If the company does not complete a business combination, the note will not be repaid and the outstanding amount will be forgiven, except to the extent that funds are available outside of Corner Growth’s trust account.
Ringwood Field, LLC has the option, but not the obligation, to convert the principal balance of the note, in whole or in part, into warrants upon the consummation of a business combination. Each warrant would entitle the holder to purchase one Class A ordinary share of Corner Growth Acquisition Corp. at a conversion price of $1.50 per share. The warrants to be issued upon conversion would be identical to the private placement warrants that were sold in connection with the company’s initial public offering.
The issuance of the promissory note was made pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.
This information is based on a press release statement and details disclosed in the company’s Form 8-K filed with the Securities and Exchange Commission.
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