Jiya Acquisition Signs Loan Agreement with Sponsor for $1.5M

The SPAC said it intends to enter into non-redemption agreements covering up to 4 million shares. In return, the sponsor has agreed to transfer to the participating investors a number of founder shares equal to 21% of the non-redeemed shares, and for each additional monthly extension, will distribute the the parties founder shares equal to 3.5% of non-redeemed shares.

Slam was founded by major leage baseball legend Alex Rodriguez.