TPB Acquisition I in an 8-K filing said it issued an unsecured promissoryt note to its sponsor for a loan of up to $3 million and immediately drew down $1 million.
According to the note’s terms, the SPAC is on the hook for any loaned amount whether or not it completes a merger.
TPB I, sponsored by The Production Board, raised $175 million in an August 2021 IPO with plans to focus on the agriculture, food, biomanufacturing, human health and life sciences sectors. Read more.
