Deep Lake Capital Acquisition in a regulatory filing said it issued an unsecured promissory note for up to $1.5 million to its sponsor. The non-interest note is repayable in full upon the earlier of either a merger or the winding up of the SPAC. The sponsor can convert any borrowed amount into warrants at $1 each. The funding is for working capital needs.
Deep Lake raised $180 million in a January 2021 IPO. In addition to fintech targets, the SPAC is also focused on ecommerce software, and the data and analytics sectors. Read more.
