Item 1.01. Entry into a Material Definitive Agreement.
On January 23, 2023, AIB Acquisition Corporation, a Cayman Islands exempted
company (the "Company"), issued a promissory note (the "Note") in the principal
amount of up to $500,000 to AIB LLC (the "Sponsor"). The Note was issued in
connection with advances the Sponsor has made, and may make in the future, to
the Company for working capital expenses. The Note bears no interest and is due
and payable upon the earlier to occur of (i) the date on which the Company
consummates its initial business combination and (ii) the date that the winding
up of the Company is effective. At the election of the Sponsor, up to $500,000
of the unpaid principal amount of the Note may be converted into units of the
Company, each unit consisting of one Class A ordinary share of the Maker and one
right exchangeable into one-tenth of one Class A ordinary share of the Company
(the "Conversion Units"), equal to: (x) the portion of the principal amount of
this Note being converted, divided by (y) $10.00, rounded up to the nearest
whole number of units. The Conversion Units are identical to the units issued by
the Company to the Sponsor in the private placement upon consummation of the
Company's initial public offering. The Conversion Units and their underlying
securities are entitled to the registration rights set forth in the Note.
The issuance of the Note was made pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
The foregoing description is qualified in its entirety by reference to the Note,
a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by
reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an
Off-balance Sheet Arrangement of a Registrant.
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference in this Item 2.03.
Item 3.02 Unregistered Sales of Equity Securities.
The disclosure set forth above in Item 1.01 of this Current Report on Form 8-K
is incorporated by reference in this Item 3.02.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Promissory Note issued to AIB LLC, dated January 23, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
© Edgar Online, source Glimpses