Hudson Acquisition I in an 8-K said it was informed by its sponsor that, due to factors unrelated to the SPAC’s operations, the sponsor “could not facilitate the drawdown of funds under the promissory note issued on July 18, 2023 for purposes of meeting the company’s monthly contribution to the trust account.” The last payment was made Oct. 26, according to the filing.
“Our sponsor confirmed its intention to continue its commitment under the promissory note, and will make the payment as soon as practicable,” the SPAC said.
Under an extension measure shareholders approved last year, the sponsor was to deposit $80,000 per month up to an April 18, 2024 deadline.
The SPAC raised $60 million in October 2022 with plans to target US technology companies, while specifically avoiding any companies in China, Hong Kong or Macau. Read more.
