Item 1.01. Entry Into a Material Definitive Agreement
On
The Sponsor loaned the Extension Payment to Vahanna in order to support the
Extension and caused the Extension Payment to be deposited in Vahanna's trust
account for its public shareholders. In connection with the Extension Payment,
Vahanna issued to Sponsor an unsecured promissory note (the "Note") with an
original issue discount of ten percent (10.0%) and a principal amount of
The following events constitute events of default under the Note:
1. Failure to make the required payments under the Note when due; 2. The voluntary liquidation of Vahanna; and 3. The involuntary bankruptcy of Vahanna.
The Note was issued pursuant to an exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
The foregoing description of the Note does not purport to be complete and is qualified in its entirety by the terms and conditions of the Note, the form of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information in Item 1.01 is incorporated by reference into this item.
Item 8.01. Other Events.
On
Item 9.01. Financial Statements and Exhibits
(d) Exhibits: Exhibit No. Description 10.1 Promissory Note, dated as ofMay 24, 2023 99.1 Press Release, dated as ofMay 25, 2023 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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