Company: COPL-UN
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001829126-25-009051
Chunk: 47

Company: Copley Acquisition Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 47
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 initial business combination (“Extension Loans”). Such Working Capital Loans and Extension
Loans may be convertible into units at a price of $7.00 per unit at the option of the lender at the time of the business combination.
The units would be identical to the Private Placement Units and include one-half of one private warrant (each a “Working Capital
Warrant” or “Extension Warrant”, respectively). If the Company does not complete an initial business combination, the
Working Capital Loans and Extension Loans would be repaid out of funds not held in the Trust Account, and only to the extent available.
Except for the foregoing, the terms of such Working Capital Loans and Extension Loans by the Sponsor or its affiliates, or officers and
directors, if any, have not been determined and no written agreements exist with respect to such loans (except as disclosed below).

As of December 31, 2024, no Working Capital Loans were outstanding.
On June 12, 2025, the Company entered into a Working Capital Loan with the Sponsor, pursuant to which the Company may borrow up to $450,000.
The Working Capital Loan is non-interest bearing and matures on the earlier of (i) the date on which the business combination is consummated
and (ii) the Company’s liquidation and is subject to conversion into units (as disclosed above). On June 12, 2025, the $146,609 balance
on the Promissory Note was transferred into the Working Capital Loan, resulting in a $146,609 balance outstanding as of September 30,
2025. As of September 30, 2025 and December 31, 2024, no Extension Loans were outstanding.

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Other Contractual Obligations

Registration Rights

Pursuant to a registration rights agreement dated on the effectiveness of the Registration Statement on April 30, 2025, the holders of the Founder Shares, Private Placement Units (including securities contained therein), and units (including securities contained therein) that may be issued on conversion of working capital loans or extension loans are entitled to registration rights pursuant to a registration rights agreement, signed on the effective date of the IPO, requiring the Company to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company’s register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company completion of initial business combination and rights to require