Item 1.01. Entry into a Material Definitive Agreement.
On September 8, 2022, FTAC Parnassus Acquisition Corp. ("we," "us" or the
"Company") issued a promissory note (the "Promissory Note") to FTAC Parnassus
Sponsor, LLC (the "Lender"), one of the Company's sponsors. Pursuant to the
Promissory Note, the Lender agreed to loan us up to an aggregate principal
amount of $1,500,000. The Promissory Note is non-interest bearing and all
outstanding amounts under the Promissory Note will be due on the date on which
we consummate a business combination (the "Maturity Date"). If we do not
consummate a business combination, we may use a portion of any funds held
outside the trust account into which we have placed the proceeds of our initial
public offering (the "IPO") to repay the Promissory Note; however, no proceeds
from the trust account may be used for such repayment. If such funds are
insufficient to repay the Promissory Note, the unpaid amounts would be forgiven.
No portion of the amounts outstanding under the Promissory Note may be converted
into units at a price of $10.00 per unit, which would have been permissible as
described in the prospectus filed in connection with the IPO. On September 8,
2022, we borrowed $150,000 under the Promissory Note.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
See the information set forth in Item 1.01 of this Current Report on Form 8-K,
which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Promissory Note dated September 8, 2022 made by FTAC Parnassus
Acquisition Corp. to the order of FTAC Parnassus Sponsor, LLC.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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