Qomolangma Acquisition in an 8-K said it issued a promissory note to its sponsor for $240,000. The funds will be used to cover extensions on the SPAC’s merger deadline as well as for working capital.
The SPAC was facing a deadline next week, but shareholders approved extending the runway until August 2024, if necessary, in monthly increments. In return, the sponsor has agreed to deposit the lesser of $80,000 or 3.3 cents a share into trust for every month required
The Asia-focused SPAC raised $50 million in an IPO last September.
Since its public float, the SPAC has been focused on businesses in the Asian market, including China, with an enterprise value between $300 million and $500 million. Read more.
