McLaren Technology Acquisition Corp. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Other Events, Financial Statements and Exhibits
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Item 1.01. Entry into a Material Definitive Agreement.
On January 31, 2023, McLaren Technology Acquisition Corp. (the “Company”) issued a promissory note (the “Note”) in the principal amount of $664,125 (the “Loan Amount”) to the Company’s sponsor, McLaren Technology Acquisition Sponsor LLC (the “Sponsor”) in connection with the Extension (as defined below). The Note bears no interest and is due and payable upon the consummation of the Company’s initial business combination. The Company agreed to use the Loan Amount solely for purposes of making a payment into the trust account set up pursuant to the Investment Management Trust Agreement, dated November 2, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as trustee, for the benefit of the purchasers of Company securities in the Company’s initial public offering.
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 8.01. Other Events.
On February 2, 2023, the Company issued a press release announcing that its Sponsor has requested that the Company extend the date by which the Company has to consummate a business combination from February 5, 2023 to March 5, 2023 (the “Extension”). The Extension is the first of six one-month extensions permitted under the Company’s governing documents. In connection with the Extension, the Sponsor loaned the Company the Loan Amount (representing $0.033 per public share), which was deposited into the Company’s trust account on January 31, 2023. The Extension provides the Company with additional time to complete its initial business combination.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number |
Title | |
| 10.1 | Promissory Note, dated January 31, 2023 | |
| 99.1 | Press Release, dated February 2, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 2, 2023
| McLaren Technology Acquisition Corp. | |||
| By: | /s/ Rajeev Nair | ||
| Name: | Rajeev Nair | ||
| Title: | Chief Financial Officer | ||
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