Item 1.01 Entry into a Material Definitive Agreement.
On February 21, 2023, Intelligent Medicine Acquisition Corp. (the "Company")
issued an unsecured convertible promissory note (the "Note") to Intelligent
Medicine Sponsor LLC (the "Sponsor") pursuant to which the Company may borrow up
to $1,000,000 to deposit into the Company's trust account from the Sponsor for
transaction costs reasonably related to the Company's search for a Business
Combination (as defined below). Gregory C. Simon, the Company's Chief Executive
Officer and Chief Financial Officer, is a Manager of the Sponsor.
The Note bears no interest and all unpaid principal under the Note will be due
and payable in full upon the earlier of (i) September 9, 2023 or (ii) the
completion of an initial business combination (the "Business Combination"). The
issuance of the Note was made in reliance on the exemption from registration
provided by Section 4(a)(2) of the Securities Act of 1933, as amended.
Pursuant to the terms of the Note, the Sponsor will have the option, at any time
on or prior to the earlier of September 9, 2023 or the completion of a Business
Combination, to convert any amounts outstanding under the Note, up to $1,000,000
in the aggregate, into warrants to purchase the Company's Class A ordinary
shares, par value $0.0001 per share ("Class A ordinary shares"), at a conversion
price of $1.00 per warrant, with each warrant entitling the holder to purchase
one Class A ordinary share at a price of $11.50 per share, subject to the same
adjustments applicable to the private placement warrants sold concurrently with
the Company's initial public offering.
The foregoing description of the Note does not purport to be complete and is
qualified in its entirety by reference to the full text of the Note, a copy of
which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and
is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Current Report on Form 8-K
is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit Description
10.1 Promissory Note, dated as of February 21, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
© Edgar Online, source Glimpses