New Providence Acquisition III entered into two unsecured, zero-interest convertible promissory notes totaling up to $1.5 million with its co-CEOs, Gary Smith and Alexander Coleman, to fund working capital. Each note provides up to $750,000 and matures upon the earlier of the company completing an initial business combination or its liquidation. At the lenders' option, amounts outstanding convert into units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-third of a warrant, with whole warrants exercisable at $11.50. The conversion units are identical to the IPO private placement units and include registration rights, enhancing the company’s flexibility as it advances toward a business combination.
Agreement 1: New Providence Acquisition III Issues $750,000 Zero-Interest Convertible Note to Gary Smith
- Agreement type: Unsecured zero-interest convertible promissory note
- Counterparty: Gary Smith
- Signed / Effective: Jun 08 2026 / Jun 08 2026
- Duration / Termination: Until earlier of business combination or liquidation
- Reason: Fund working capital needs
Agreement 2: New Providence Acquisition III Issues $750,000 Zero-Interest Convertible Note to Alexander Coleman
- Agreement type: Unsecured zero-interest convertible promissory note
- Counterparty: Alexander Coleman
- Signed / Effective: Jun 08 2026 / Jun 08 2026
- Duration / Termination: Until earlier of business combination or liquidation
- Reason: Fund working capital needs
Original SEC Filing:
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