Item 1.01 Entry into a Material Definitive Agreement.
On March 21, 2022, IG Acquisition Corp. (the "Company") issued an amended and
restated promissory note (the "Amended Note") to IG Sponsor LLC (the "Sponsor"),
which amended and restated in its entirety the note initially issued by the
Company to the Sponsor on November 11, 2021 (the "Original Note"). The Amended
Note provides for a principal amount of up to $1,000,000, an increase from up to
$500,000. The Amended Note was issued in connection with advances the Sponsor
has made, and may make in the future, to the Company for working capital
expenses. The Amended Note bears no interest and is due and payable upon the
earlier of (i) October 5, 2022 or (ii) the date on which the Company consummates
its initial business combination. The Amended Note also eliminated the
provisions in the Original Note relating to the Sponsor's right to elect to have
all or a portion of the unpaid principal amount be converted into warrants of
the Company.
The issuance of the Amended Note was made pursuant to the exemption from
registration contained in Section 4(a)(2) of the Securities Act of 1933, as
amended.
The foregoing description is qualified in its entirety by reference to the
Amended Note, a copy of which is attached as Exhibit 10.1 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 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Amended and Restated Promissory Note of the Company, dated March 21,
2021.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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