Item 1.01. Entry into a Material Definitive Agreement.
The information provided in Item 2.03 of this Current Report on Form 8-K is
incorporated by reference into this Item 1.01.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On March 1, 2022, OTR Acquisition Corp. (the "Company") issued an unsecured
promissory note (the "Note") in the principal amount of up to $500,000 to OTR
Acquisition Sponsor LLC, the Company's sponsor (the "Sponsor"), of which
$100,000 was funded by the Sponsor upon execution of the Note. The Note does not
bear interest and the principal balance will be payable on the earliest to occur
of (i) the date on which the Company consummates its initial business
combination and (ii) the date that the winding up of the Company is effective
(such date, the "Maturity Date"). In the event the Company consummates its
initial business combination, the Sponsor has the option on the Maturity Date to
convert all or any portion of the principal outstanding under the Note into that
number of warrants ("Working Capital Warrants") equal to the portion of the
principal amount of the Note being converted divided by $1.00, rounded up to the
nearest whole number. The terms of the Working Capital Warrants, if any, would
be identical to the terms of the private placement warrants issued by the
Company at the time of its initial public offering (the "IPO"), as described in
the prospectus for the IPO dated November 17, 2020 and filed with the U.S.
Securities and Exchange Commission, including the transfer restrictions
applicable thereto. The Note is subject to customary events of default, the
occurrence of certain of which automatically triggers the unpaid principal
balance of the Note and all other sums payable with regard to the Note becoming
immediately due and payable.
The issuance of the Note was made pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
The foregoing description of the Note is qualified in its entirety by reference
to the full text of the Note, a copy of which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Promissory Note issued in favor of OTR Acquisition Sponsor LLC,
dated March 1, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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