Inception Growth Acquisition said it issued an unsecured promissory note for $400,000 to Soul Venture Partners, the SPAC’s sponsor. The note does not bear interest and matures upon the closing of a business combination. In the event that the SPAC does not complete a deal by April 13 (or further extensions), the note will be terminated and no amount will be due to the sponsor.
Inception Growth in January borrowed $420,000 from its sponsor.
The SPAC has a merger agreement with AgileAlgo, an AI company that powers enterprise-grade natural language code generators for machine learning and data management platforms to disrupt the software consulting industry.
The SPAC last September announced the AgileAlgo acquisition at an equity value of $160 million. Read more.
