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UY Scuti Acquisition Corp. (NASDAQ:UYSCU), a blank check company with a market capitalization of $77.58 million, issued an unsecured promissory note with a principal amount of up to $1,000,000 to its sponsor, UY Scuti Investments Limited, on Friday. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 15.44, indicating robust short-term financial health. The note bears no interest and requires repayment of the principal on the earlier of March 31, 2026, or the date the company completes a business combination.
According to the company’s statement, the principal amount may be prepaid at any time, but once funds are drawn, they cannot be re-borrowed even if repaid. The note includes standard default provisions, allowing the sponsor to demand full repayment within five business days if certain events of default occur.
The sponsor has the option, at any time before maturity, to convert the outstanding principal into units of the company’s securities at a conversion price of $10.00 per unit. Each unit consists of one ordinary share and one right to receive one-fifth of one ordinary share. The units issued upon conversion will have terms identical to those of the private placement units sold at the time of the initial public offering.
The issuance of the note was made under an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.
UY Scuti Acquisition Corp.’s ordinary shares, units, and rights are listed on the Nasdaq Stock Market under the symbols NASDAQ:UYSC, NASDAQ:UYSCU, and NASDAQ:UYSCR, respectively.
This information is based on a press release statement included in the company’s recent SEC filing.
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