Healthcare AI Acquisition Issues Unsecured Promissory Note for Working Capital

Healthcare AI Acquisition Corp. (NASDAQ: HAIAU) has disclosed in a recent 8-K filing with the Securities and Exchange Commission that on January 13, 2025, the company issued an unsecured promissory note to Leading Group Limited, an entity based in the Cayman Islands. The promissory note, valued at $52,692.68, was provided to the company for working capital purposes, which also includes a monthly extension fee of $13,173.17 paid to the company’s trust account. The extension fee allows for an extension of the time frame to complete a business combination until February 14, 2025.

This action follows a previously reported business combination agreement entered into on August 15, 2024, by Healthcare AI Acquisition Corp. with Leading Partners Limited and Leading Group to facilitate the completion of a business combination. The promissory note does not accrue interest and will mature upon the closure of the business combination, with payment expected in cash. Should a liquidation occur, all outstanding amounts under the note will be repaid in cash. The company is granted time until June 14, 2025, to finalize the business combination contingent on the continued payment of the monthly extension fee.

The specifics of the promissory note are available in Exhibit 10.1 of the Form 8-K filing. The filing further indicates that the company has met the conditions of an emerging growth company as per Rule 405 of the Securities Act of 1933. The document also includes pertinent information on the financial obligations and off-balance sheet arrangements of Healthcare AI Acquisition as required by Item 2.03 of the SEC’s reporting requirements.

Investors and stakeholders can access the full details of the filing on the Securities and Exchange Commission’s website or through the company’s official communication channels.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Healthcare AI Acquisition’s 8K filing here.

About Healthcare AI Acquisition

Healthcare AI Acquisition Corp. does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The company was incorporated in 2021 and is based in Dover, Delaware.