Loan & DebtSep 29, 2026, 05:26 PM
Spark I Acquisition Corp. Extends Deadline to March 2027; Sponsor Loans Added
AI Summary
Spark I Acquisition Corp. announced the approval of an extension for its business combination deadline to March 29, 2027. The company's sponsor, SLG SPAC Fund LLC, has agreed to provide additional loans to the trust account, starting at $0.015 per public share outstanding after redemptions, up to approximately $201,304. Additionally, the company will make a one-time deposit of $0.10 per public share not redeemed. A promissory note of up to $400,000 was issued to the sponsor to cover potential working capital needs, bearing no interest and repayable upon business combination or the extended date.
Key Highlights
- Spark I Acquisition Corp. extended its business combination deadline to March 29, 2027.
- Sponsor SLG SPAC Fund LLC will provide loans to the trust account, starting Oct 1, 2026.
- Sponsor loan amount: $0.015 per public share outstanding after redemptions, up to $201,304.
- Company will also contribute $0.10 per public share not redeemed to the trust account.
- A promissory note of up to $400,000 was issued to the Sponsor for potential working capital needs.
- The Second Extension Note bears no interest and is repayable upon business combination or Extended Date.
- Shareholders approved the extension amendment at the Extraordinary General Meeting with 7,074,069 votes for.
Price Impact
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