Avista Public Acquisition II in an 8-K filing said it issued an unsecured promissory note of up to $750,000 to its sponsor. The note bears no interest and is repayable in full when the SPAC either closes a deal or winds up. The sponsor has the option to convert any portion of the note into warrants at $1.50 each.
Avista raised $20 million in an August IPO. The SPAC is focused on a business combination with a target in the technology and financial services industry. Read more.
