Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously disclosed, on February 15, 2023, Eucrates Biomedical Acquisition Corp. (the "Company") issued an unsecured promissory note (the "Promissory Note") to Eucrates LLC (the "Sponsor"). The Promissory Note provides that the Company may borrow up to an aggregate maximum amount of $500,000 from the Sponsor, $96,000 of which was drawn by the Company on February 15, 2023. On March 31, 2023, the Company drew an additional $150,000 on the Promissory Note.

The Promissory Note does not bear any interest. If the Company completes an initial business combination, the Company would repay outstanding loaned amounts under the Promissory Note. In the event that the Company is unable to complete an initial business combination, the Company may use a portion of the working capital held outside its trust account to repay such loaned amounts but no proceeds from its trust account would be used for such repayment. The loans are convertible into units of the Company, at a price of $10.00 per unit, at the option of the Sponsor. The units would be identical to those units that were issued to the Sponsor in a private placement concurrent with the Company's initial public offering.

The foregoing summary of the Promissory Note is qualified in its entirety by reference to the text of the Promissory Note, which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K on February 16, 2023 and is incorporated by reference herein.

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