Columbus Acquisition Corp Extends SPAC Deadline, Issues $50K Notes

What Happened
Columbus Acquisition Corp (COLA) filed an 8-K announcing it extended its deadline to complete a business combination one month, from May 22, 2026 to June 22, 2026, after a $50,000 deposit was made into its trust account on May 21, 2026. The $50,000 Monthly Extension Fee was split $25,000 paid by the Sponsor (Hercules Capital Management VII Corp.) and $25,000 paid by the proposed target (WISeSat.Space Corp.) under the Business Combination Agreement dated November 9, 2025. To document reimbursement obligations, the company issued two unsecured, non‑interest promissory notes: a Target Extension Note dated May 21, 2026 for $25,000 and a Sponsor Extension Note dated July 29, 2026 for $25,000.

Key Details

• Extension: Charter allowed initial deadline of May 22, 2026 and one‑month extensions (up to Jan 22, 2027) subject to $50,000 deposit per month; the May deposit extended the deadline to June 22, 2026.
• Notes: Two unsecured promissory notes totaling $50,000 ($25,000 to WISeSat.Space Corp.; $25,000 to Hercules Capital Management VII Corp.). Both notes bear no interest.
• Conversion rights: Each payee may elect to convert unpaid amounts into private units at $10.00 per unit (one ordinary share + one 1/7 right to receive an Ordinary Share upon closing). The Target payee has an alternative conversion option into post‑closing public company shares at $5.00 per share in certain termination scenarios.
• Transfer/registration: Conversion Units/underlying securities have transfer restrictions (until closing or lock‑up expiration) and are entitled to registration rights; issuance relied on the Section 4(a)(2) exemption.

Why It Matters
The extension gives the SPAC more time to close the proposed business combination with WISeSat.Space, while creating two small unsecured reimbursement obligations totaling $50,000. For investors this means a modest short‑term increase in the company’s liabilities and potential dilution if the notes are converted (conversion at $10 per unit, with a possible $5‑per‑share conversion option for the Target in certain outcomes). Transfer restrictions and registration rights affect liquidity of any converted securities until permitted periods end.