Horizon Acquisition II in an 8-K filing said it borrowed $1.5 million from its sponsor to cover expenses as it works toward a business combination. Any principal amount of the loan can be converted into the SPAC’s warrants at $1.50 each, with a warrant exercisable for a share at $11.50.
Last month the SPAC in a preliminary proxy proposed a merger deadline extension that would move the goalposts from Oct. 22 this year to Sept. 30, 2023.
Management in the August filing said they are in preliminary discussions with a potential merger partner, but still need more time. The SPAC, led by Los Angeles Dodger co-owner Todd Boehly, ended discussions last year with Sportradar, a sports data provider.
Horizon II raised $525 million in a 2020 IPO. Read more.
