Black Mountain Acquisition in an 8-K said it issued an unsecured promissory note for $160,000 to its sponsor. The funds will be used to cover another 0ne-month extension period.
The SPAC’s shareholders approved a measure in April for an extension until June with the option to push the deadline back another six months without another vote. In return, the sponsor is to deposit $160,000 for each extension period, which works out to 4 cents a share.
Black Mountain raised $240 million in an October 2021 IPO to focus on the energy value chain. Read more.
