Corporate ActionJul 21, 2026, 04:22 PM
Velos Acquisition I Corp. Amends Trust, Issues $4M Promissory Note
AI Summary
Velos Acquisition I Corp. (formerly M3-Brigade Acquisition V Corp.) shareholders approved an amendment to the Trust Agreement, allowing the company to withdraw up to $0.10 per outstanding Class A share from the trust account's interest earnings. These funds will be used for up to $1 million in ordinary course expenses and to pay accrued liabilities. Additionally, the company issued a promissory note to its sponsor for up to $4 million, immediately borrowing $3.5 million for working capital and to pay off existing liabilities. Shareholders also approved amendments to the company's Articles of Association.
Key Highlights
- Shareholders approved an amendment to the Investment Management Trust Agreement.
- Company can withdraw up to $0.10 per Class A share from trust account interest.
- $1,000,000 of withdrawn interest will be used for ordinary course expenses.
- Any excess withdrawn interest will be used to pay accrued liabilities.
- Issued a promissory note to MI7 Sponsor, LLC for up to $4,000,000.
- Immediately borrowed $3,500,000 under the promissory note.
- Note proceeds will be used to pay existing liabilities and for general working capital.
Price Impact
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