UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 15, 2024
Date of Report (Date of earliest event reported)
A SPAC I Acquisition Corp.
(Exact name of registrant as specified in its charter)
| British Virgin Islands | 001-41285 | n/a | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Level 39, Marina Bay Financial Centre Tower 2, 10 Marina Boulevard Singapore, 018983 | n/a | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (65) 6818-5796
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The Stock Market LLC | ||||
| Warrants | ASCAW | The Nasdaq Stock Market LLC | ||
| , three-fourths (3/4) of one redeemable warrant and one Right to acquire one-tenth (1/10) of one Class A Ordinary Share | The Stock Market LLC | |||
| Rights | ASCAR | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Issuance of Promissory Note
On March 15, 2024, A SPAC I Acquisition Corp. (the “Company”) issued an unsecured promissory note in the aggregate principal amount of up to $300,000 (the “Note”) to A SPAC (Holdings) Acquisition Corp., the Company’s sponsor (the “Sponsor”). Pursuant to the Note, the Sponsor agreed to loan to the Company an aggregate amount of up to $300,000. The Note shall be payable promptly on demand and, in any event, no later than the date on which the Company terminates or consummates an initial business combination. Such Note is convertible into warrants having the same terms and conditions as the public warrants, at the price of $1.00 per warrant, at the option of the Sponsor. The Note does not bear interest.
The proceeds of the Note will be used by the Company to pay various expenses of the Company, including any payment to extend the period of time the Company has to consummate an initial business combination, and for working capital purposes.
The foregoing description of the Note is qualified in its entirety by reference to the full text of the Note, a copy of which is filed with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
Item 8.01 Other Events
On March 15, 2024, the Company made a deposit of $20,000 (the “Extension Payment”) to the trust account and extended the period of time the Company has to consummate an initial business combination from March 17, 2024 to April 17, 2024. Following the deposit of the Extension Payment, the amount of funds remaining in the trust account was approximately $21.5 million.
Item 9.01 Exhibits
| Exhibit No. | Description | |
| 10.1 | Promissory Note, dated March 15, 2024, issued to the Sponsor. | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: March 15, 2024 | ||
| A SPAC I ACQUISITION CORP. | ||
| By: | /s/ Claudius Tsang | |
| Name: | Claudius Tsang | |
| Title: | Chief Executive Officer and Chief Financial Officer | |
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