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Healthcare AI Acquisition Corp. (OTC:HAIAF), a $69.64 million market cap company, announced Wednesday that it has issued an unsecured promissory note to Leading Group Limited for a loan totaling $30,502.20. According to a statement based on a recent SEC filing, the funds will be used for working capital purposes. InvestingPro data shows the company’s current ratio of 0.41 indicates its short-term obligations exceed liquid assets.
The promissory note was executed on Tuesday and does not bear interest. The principal amount is due upon the closing of a previously announced business combination between Healthcare AI Acquisition Corp., Leading Partners Limited, and Leading Group Limited. If the business combination does not close and the company is liquidated, the outstanding amount on the note will be repaid in cash.
Healthcare AI Acquisition Corp. is incorporated in the Cayman Islands and its securities, including Class A ordinary shares and warrants, trade under the symbols HAIUF, HAIAF, and HAIWF on the OTC market.
The company had previously disclosed its business combination agreement with Leading Partners Limited and Leading Group Limited on August 15, 2024. The terms of the new promissory note are outlined in an exhibit attached to the current SEC filing.
This information is based on a press release statement filed with the Securities and Exchange Commission.
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