KludeIn I Acquisition in a tregulatory filing said it issued a promissory note to its sponsor for a loan of up to $2.060 million for a deadline extension from July 11 to Jan. 11, 2023.
The sponsor will deposit equal installments of $343,345 into the SPAC’s trust on a monthly basis for each month of the extension for distribution to shareholders at such time if the SPAC liquidates or to shareholders who redeem stock ahead of a business combination.
KludeIn I has drawn down the $343,345 for the first month of the extension.
The SPAC in May announced a merger agreement with Near Intelligence Holdings, a global SaaS company engaged in privacy-led data intelligence on people, places and products.
If approved, the combined company would have a post-transaction pro-forma market capitalization of nearly $1 billion, assuming no KludeIn redemptions and a successful $95 million PIPE.
The transaction is expected to generate $268 million of gross proceeds, including the PIPE.
The company has also secured a $100 million committed equity financing facility from CF Principal Investments. Read more.
