Item 1.01. Entry into a Material Definitive Agreement.
On January 31, 2023, McLaren Technology Acquisition Corp. (the "Company") issued
a promissory note (the "Note") in the principal amount of $664,125 (the "Loan
Amount") to the Company's sponsor, McLaren Technology Acquisition Sponsor LLC
(the "Sponsor") in connection with the Extension (as defined below). The Note
bears no interest and is due and payable upon the consummation of the Company's
initial business combination. The Company agreed to use the Loan Amount solely
for purposes of making a payment into the trust account set up pursuant to the
Investment Management Trust Agreement, dated November 2, 2021, by and between
the Company and Continental Stock Transfer & Trust Company, as trustee, for the
benefit of the purchasers of Company securities in the Company's initial public
offering.
The foregoing description is qualified in its entirety by reference to the Note,
a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by
reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference in this Item 2.03.
Item 8.01. Other Events.
On February 2, 2023, the Company issued a press release announcing that its
Sponsor has requested that the Company extend the date by which the Company has
to consummate a business combination from February 5, 2023 to March 5, 2023 (the
"Extension"). The Extension is the first of six one-month extensions permitted
under the Company's governing documents. In connection with the Extension, the
Sponsor loaned the Company the Loan Amount (representing $0.033 per public
share), which was deposited into the Company's trust account on January 31,
2023. The Extension provides the Company with additional time to complete its
initial business combination.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Title
10.1 Promissory Note, dated January 31, 2023
99.1 Press Release, dated February 2, 2023
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