Columbus Acquisition Corp, a Cayman Islands exempted company, filed a Form 8-K on August 30, 2026, disclosing the issuance of promissory notes related to extensions of its deadline to complete a business combination.
The company, which trades on the Nasdaq under the ticker COLA, had an initial deadline of August 22, 2026, to finalize an initial business combination. Under its charter, the company may extend this period by one month for each $50,000 deposit into its trust account.
On August 22, 2026, the company extended its deadline to September 22, 2026, after an aggregate of $50,000 was deposited into the trust account. Of this amount, $25,000 was paid by the Sponsor, Hercules Capital Management VII Corp, and the remaining $25,000 was paid by WISeSat.Space Corp, the Target.
In connection with these payments, the company issued unsecured promissory notes:
- August Sponsor Extension Note: Issued on August 30, 2026, for $25,000 to the Sponsor.
- Target Extension Note: Issued on September 22, 2026, for $25,000 to the Target.
- September Sponsor Extension Note: Issued on September 30, 2026, for $25,000 to the Sponsor.
The Target Extension Note bears no interest and is payable in full upon the earliest occurrence of the termination of the Business Combination Agreement, the consummation of the initial business combination, or the effective date of the company's winding up.
Both the Sponsor Extension Notes and the Target Extension Note allow the payee to convert the outstanding obligations into private units of the company at a price of $10.00 per unit. These units consist of one ordinary share and one right to acquire one-seventh of one ordinary share upon the consummation of a business combination.
Additionally, the company noted that the Conversion Units and Conversion Shares are subject to transfer restrictions and are entitled to registration rights.
