Maquia Capital Acquisition in an 8-K said it issued a promissory note to its sponsor for $250,000 in working capital.
The SPAC’s shareholders earlier this month approved a termination extension up to Feb. 7, 2024. This is Maquia’s fourth extension The sponsor will deposit $27,267.95 into trust for each month required.
The SPAC raised $173 million in an IPO two years ago. Maquia lost 80% of its trust to redemptions ahead on an extension vote last November. At the time the SPAC said that it is “working diligently” toward a merger agreement with a target in the fintech sector, although no deal has been announced. Read more.
