Item 1.01 Entry into a Material Definitive Agreement.
On February 10, 2023, the Company issued an unsecured convertible promissory
note (the "Extension Note") in the principal amount of $2,001,000 to the
Company's sponsor, Green Visor Capital SPAC I Holdings LLC (the "Sponsor") in
connection with the extension of the date by which the Company has to consummate
a business combination from February 12, 2023 to May 12, 2023 (the "Extension").
The Extension Note does not bear any interest, and the loan under the Extension
Note may be converted into private placement warrants (the "Extension Loan
Warrants") at a price of $1.00 per warrant, at the option of the Sponsor, with
such Extension Loan Warrants having identical terms as the private placement
warrants issued in connection with the private placement that was consummated in
connection with the Company's initial public offering ("IPO"). The Company
issued the Extension Note in consideration for a loan from the Sponsor to fund
the amount that the Company has agreed to deposit into the Company's trust
account established in connection with its IPO (the "Trust Account").
Also on February 10, 2023, the Company issued an unsecured promissory note (the
"Working Capital Note" and, together with the Extension Note, the "Notes") in
the amount of $125,000 to the Sponsor, in exchange for the Sponsor depositing
such amount in the Company's working capital account, in order to provide the
Company with additional working capital. The Working Capital Note does not bear
any interest, and the principal amount of the loan under the Working Capital
Note (or any portion thereof) may be converted into private placement warrants
(the "Working Capital Warrants" and together with the Extension Loan Warrants,
the "Warrants") at a price of $1.00 per warrant, at the option of the Sponsor,
with such Working Capital Warrants having identical terms as the private
placement warrants issued in connection with the private placement that was
consummated in connection with the Company's IPO.
If the Company does not complete a business combination, the Company may repay
such loans under the Notes solely from assets not held in the Trust Account, if
any. Unless converted at the option of the Sponsor into Warrants, the Company
must repay the outstanding principal amount of each Note on the consummation of
the initial business combination out of the proceeds of the Trust Account, if
any, released to the Company.
The foregoing description of the Extension Note is qualified in its entirety by
reference to the Extension Note, a copy of which is attached as Exhibit 10.1
hereto and is incorporated herein by reference. The foregoing description of the
Working Capital Note is qualified in its entirety by reference to the Working
Capital Note, a copy of which is attached as Exhibit 10.2 hereto and is
incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference in this Item 2.03.
Item 8.01 Other Events.
On February 2, 2023, the Sponsor notified the Company that it intended to
deposit an aggregate of $2,001,000 (representing $0.10 per public share) into
the Company's trust account on or before February 12, 2023. On February 9, 2023,
the Company issued a press release announcing that its board of directors had
approved the Extension, as contemplated by the Company's registration statement
on Form S-1 (File No. 333-260199). A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
On February 13, 2023, the Company issued a press release announcing that the
Sponsor had deposited an aggregate of $2,001,000 (representing $0.10 per public
share) into the Company's trust account for its public stockholders. The
Extension provides the Company with additional time to complete its initial
business combination. A copy of the press release is attached hereto as Exhibit
99.2 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibits
10.1 Promissory Note, dated February 10, 2023
10.2 Promissory Note, Dated February 10, 2023
99.1 Press Release, dated February 9, 2023
99.2 Press Release, dated February 13, 2023
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