Company: COPL-UN
Filing Date: 2025-06-13
Form Type: 8-K
Source: 0001829126-25-004484
Chunk: 0

Company: Copley Acquisition Corp
Filing Date: 2025-06-13
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement.  

On June 12, 2025, Copley Acquisition Corp (“ COPL”) issued an unsecured convertible promissory note in the aggregate principal amount of $450,000 (the “ Note”) to Copley Acquisition Sponsors LLC (“ Sponsor”). Pursuant to the Note, COPL agreed to repay the outstanding principal amount of the Note on the earlier of (i) the effective date of a business combination, and (ii) COPL’s liquidation (the “ Maturity Date”).

At any time on or prior to the Maturity Date, Sponsor may elect to convert the outstanding principal balance and interest accrued on the Note into units at a conversion price equal to $7.00 per unit. Each unit consists of one ordinary share and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share. The terms of such units issued in connection with such conversion shall be identical to the private placement units sold by COPL simultaneously with COPL’s initial public offering that closed May 2, 2025. The Note bears no interest. In the event that COPL does not consummate a business combination, the Note will be repaid only from amounts remaining outside of COPL’s trust account, if any.

Pursuant to the Note, the parties agreed to cancel that certain Amended and Restated Promissory Note, dated as of April 18, 2025, and roll the outstanding balance thereunder of $146,608.97 into the Note.

The proceeds of the Note will be used by COPL for working capital purposes.

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 with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.