IG Acquisition in a regulatory filing said it issued an amended promissory note to its sponsor, providing for a principal amount of up to $1 million, up from $500,000. The amended note was issued in connection with advances the sponsor has made, and may yet make, to the SPAC for working capital.
The interest-free note is due and payable by Oct. 5 or the date on which the SPAC completes a business combination, whichever comes first. The amended note also eliminated the original provisions relating to the sponsor’s right to elect to have all or a portion of the unpaid principal amount be converted into the SPAC’s warrants.
The SPAC raised $30 million in a September 2020 IPO for the acquisition of a business in the leisure, gaming and hospitality industries that can benefit from their experience and differentiated global network. Read more.
