Company: COPL-UN
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001829126-25-009051
Chunk: 23

Company: Copley Acquisition Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 least 90 days after the initial Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Due to Related Party

The Sponsor paid certain formation, operating
or deferred offering costs on behalf of the Company. These amounts are due on demand and non-interest bearing. During the period from
November 26, 2024 (inception) through May 2, 2025, the Sponsor paid $276,803 on behalf of the Company, of which $25,000 was paid in exchange
for the issuance of Founder Shares and $251,803 was transferred into the Promissory Note. As of September 30, 2025 and December 31, 2024,
the amount due to the related party was $0 and $72,773, respectively.

Promissory Note - Related Party

On December 3, 2024, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $700,000. On April 18, 2025, the Promissory Note was amended and restated, resulting in a reduction of the maximum aggregate principal amount to $525,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) December 31, 2025, or (ii) the consummation of the Initial Public Offering. After borrowing under the Promissory Note, the loans will be repaid upon completion of the Initial Public Offering out of the offering proceeds not held in the Trust Account.

As of December 31, 2024, there were no
amounts outstanding under the Promissory Note. On May 2, 2025, the $251,803
balance due to the Sponsor was transferred into the Promissory Note. On May 30, 2025, $105,194
of these borrowings were repaid using proceeds not held in the Trust Account, resulting in a balance of $146,609,
which was transferred into a Working Capital Loan on June 12, 2025. Following the repayment and transfer, the Promissory Note
was settled in full, resulting in no balance as of September 30, 2025, and no further borrowings are