FINANCIAL STRATEGIES ACQUISITION CORP. Financial Strategies Acquisition Corp. announced a private placement to issue 10% unsecured promissory note for the gross proceeds of $150,000 on April 26, 2023. The transaction will include participation from new lender Temmelig Investor LLC.
The Note bears interest at the rate of 10% per annum and will mature upon the earlier of thirty days from the date that the Company consummates an initial business combination and one year from the date of issuance. Upon the consummation of a Business Combination, the Lender may elect to convert any portion or all of the amount outstanding under the Promissory Note into private units of the Company, each Private Unit consisting of one share of the Company's Class A common stock, par value $0.0001 per share, one warrant to purchase one share of Common Stock and one right to receive one-tenth of one share of Common Stock upon the consummation of a Business Combination, at a conversion price of $10.00 per Private Unit. Such Private Units will be identical to the private placement units issued to the Co-Sponsors at the time of the IPO.
