ESM Acquisition in a regulatory filing said it issued a promissory note to its sponsor for a working capital loan of up to $1 million. The SPAC said it intends to draw half the amount immediately.
The prinicipal balance on the note is convertible into warrants at the sponsor’s discretion, priced at $1.50 each.
ESM raised $300 million in a zMarch 2021 IPO. The SPAC is targeting companies engaged in decarbonization. Read more.
