Cartica Acquisition in an 8-K said it issued a promissory note to its sponsor for a working capital oan of up to $300,000.
The SPAC in June won an extension vote, giving it until April 7, 2024 to find and close a deal.
Ahead of the June meeting, shareholders redeemed 18,785,585 shares. That removed approximately $200.4 million ($10.67 per share) from the Cartica trust.
Following the redemptions, there were 8,962,415 Class A shares outstanding and 1,000,000 Class B shares. The sponsor holds approximately 53% of the outstanding Class A shares, according to a regulatory filing.
Cartical originally raised $200 million in a January 2022 IPO with plans to focus on a business combination with an India-based technology firm. Read more.
