Cartica Acquisition Taps Sponsor for $300K Loan | SPAC Feed

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.

Source: Cartica Acquisition Taps Sponsor for 0K Loan

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