Company: NBRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110861
Chunk: 14

Company: Newbridge Acquisition Ltd
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 exchange their ordinary shares for cash, securities or other property. Promissory Note — Related Party  On May 1, 2021, the Sponsor agreed to loan the Company up to $500,000 to be used for a portion of the expenses of the Proposed Public Offering. The loan is non-interest bearing, unsecured and shall be payable promptly after the date on which the Company consummates an initial public offering of its securities. On May 1, 2025, a new agreement was signed, under which the total borrowings shall not exceed $1,000,000. These loans will be repaid upon the closing of the Proposed Public Offering out of the offering proceeds not held in the Trust Account. As of December 31, 2024 and September 30, 2025, the Company had borrowed $469,351 and $799,843 under the promissory note.  10  NEWBRIDGE ACQUISITION LIMITED NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Note 5 — Related Party Transactions (cont.) Working Capital Loans  In addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the initial Business Combination, the Company may repay the Working Capital Loans. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into units at a price of $10.00 per unit at the option of the lender. If the Company does not complete a business combination, the loans would be repaid out of funds not held in the trust account, and only to the extent available. As of December 31, 2024 and September 30, 2025, the Company had no borrowings under the Working Capital Loans.  Extension Note  The Company will have until 15 months from the closing of the Proposed Public Offering to consummate an initial Business Combination. However, if the Company anticipates that it may not be able to consummate the initial Business Combination within 15 months,