Papaya Growth Opportunity I in an 8-K said it has secured a loan agreement from its sponsor for up to $2.8 million to cover required depsoits into trust for monthly extensions on its deadline. The SPAC said it has borrowed $331,185 of the total.
Shareholders earlier this month approved an extension in monthly increments up until Oct. 19. This puts Papaya’s sponsor on the hook for monthly deposits of $325,000 or 3.25 cents a share — whichever is less — into the Papaya I trust.
The SPAC raised $250 million in a January 2022 IPO to search for a target business operating in the software, internet, media, fintech, healthcare IT or consumer industry sectors and to focus on vertical solutions driven by AI, marketplaces, platforms and networks. Read more.
