Bellevue Life Sciences Acquisition Corp., a company specializing in surgical and medical instruments and apparatus, has entered into a material definitive agreement by issuing an unsecured promissory note to a board member, according to a recent SEC filing. The promissory note, in the principal amount of $40,000, was issued to Jun Chul Whang on Monday.
The note is non-interest bearing and is set to be paid in full by the earlier of November 9, 2024, upon the company raising additional working capital funds, or when the company completes an initial business combination. If Bellevue Life Sciences does not achieve a business combination by the specified date in its Amended and Restated Certificate of Incorporation, Mr. Whang has agreed to forgive the principal balance, barring any funds remaining outside of the trust account.
In related news, Bellevue Life Sciences also reported the deposit of $50,000 into the trust account following the extension of the deadline to consummate a business combination. This deposit occurred on Tuesday.
The company, which is listed on The Nasdaq Stock Market under the symbols BLACU, BLAC, BLACW, and BLACR for its various securities, is identified as an emerging growth company and is headquartered in Bellevue, Washington.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Bellevue Life Sciences Acquisition Corp.'s (BLACU) current financial situation. The company's stock is currently trading near its 52-week low, which aligns with the recent developments outlined in the article, particularly the need for additional working capital as evidenced by the $40,000 promissory note.
Two key InvestingPro Tips are particularly relevant to this situation. First, BLACU is not profitable over the last twelve months, which explains the company's need for additional funding. Second, the company's short-term obligations exceed its liquid assets, further highlighting its financial challenges and the importance of the recent promissory note and trust account deposit.
These insights provide context to the company's recent actions and financial decisions. Investors interested in a more comprehensive analysis can access additional tips and data through InvestingPro, which offers 4 more tips for BLACU.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.