Loan & DebtJun 1, 2026, 05:00 PM
Soulpower Acquisition Corp. Issues $2.5M Promissory Note
AI Summary
Soulpower Acquisition Corp. issued an unsecured promissory note, the 'B Note,' for up to $2,500,000 to Soulpower Management LLC. The note will be automatically forgiven upon the company's initial business combination, otherwise, it becomes due upon default or liquidation. Proceeds from the non-interest-bearing note will be used for general working capital purposes. The lender is a related party, controlled by Justin Lafazan, the company's CEO and Chairman.
Key Highlights
- Soulpower Acquisition Corp. issued an unsecured promissory note (B Note) for up to $2,500,000.
- The B Note was issued to Soulpower Management LLC, a related party.
- The note will be automatically forgiven upon consummation of the initial business combination.
- If no business combination, the B Note is due upon default or company liquidation.
- The B Note bears no interest and is not convertible into company securities.
- Proceeds from the B Note will be used for general working capital purposes.
- The lender is controlled by Justin Lafazan, the Company's CEO and Chairman.
Price Impact
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