Evo Acquisition said in a regulatory filing it has issued a promissory note to its sponsor Evolution Financial Group for up to $1.5 million. The note is for advances the sponsor will make to the SPAC for working capital expenses.
The sponsor has the option to convert any unpaid principal into warrants at $1 each.
Evo raised $100 million in a February 2021 IPO, saying at the time it would concentrate on companies in the technology and financial sectors with an enterprise value of $250 million to $750 million, including firms with a nexus to Japan. Read more.
