Item 1.01. Entry into a Material Definitive Agreement.
On February 24, 2023, FTAC Zeus Acquisition Corp. ("we," "us" or the "Company")
issued a promissory note (the "Promissory Note") to FTAC Zeus Sponsor, LLC (the
"Lender"), one of the Company's sponsors. Pursuant to the Promissory Note, the
Lender agreed to loan us up to an aggregate principal amount of $1,500,000. The
Promissory Note is non-interest bearing and all outstanding amounts under the
Promissory Note will be due on the date on which we consummate a business
combination (the "Maturity Date"). If we do not consummate a business
combination, we may use a portion of any funds held outside the trust account
into which we have placed the proceeds of our initial public offering (the
"IPO") to repay the Promissory Note; however, no proceeds from the trust account
may be used for such repayment. If such funds are insufficient to repay the
Promissory Note, the unpaid amounts would be forgiven. No portion of the amounts
outstanding under the Promissory Note may be converted into units at a price of
$10.00 per unit, which would have been permissible as described in the
prospectus filed in connection with the IPO. On February 24, 2023, we borrowed
$300,000 under the Promissory Note.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
See the information set forth in Item 1.01 of this Current Report on Form 8-K,
which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Promissory Note dated February 24, 2023 made by FTAC Zeus Acquisition
Corp. to the order of FTAC Zeus Sponsor, LLC.
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