Columbus Acquisition Corp Issues $50K Extension Notes to Extend SPAC Deadline

What Happened

• Columbus Acquisition Corp (COLA) filed an 8-K reporting that $50,000 was deposited into its trust account on or around June 22, 2026 to extend the deadline to complete its initial business combination by one month, from June 22, 2026 to July 22, 2026.
• To reimburse the extension fee payors, the company on July 29, 2026 issued two unsecured, non‑interest-bearing promissory notes: a $25,000 note to WISeSat.Space Corp. (the Target) and a $25,000 note to Hercules Capital Management VII Corp. (the Sponsor). Each payee may elect to convert outstanding amounts into private units at $10.00 per unit (one ordinary share plus a right to 1/7 of a share upon closing).

Key Details

• $50,000 total extension fee deposited into the trust account on/around June 22, 2026, extending the SPAC deadline to July 22, 2026.
• Two promissory notes issued on July 29, 2026: $25,000 to the Target (Target Extension Note) and $25,000 to the Sponsor (Sponsor Extension Note). Both are unsecured and bear no interest.
• Conversion feature: payees may convert unpaid obligations into private units at $10.00 per unit (1 ordinary share + 1/7 right). The Target’s note also permits, in certain termination scenarios, conversion into post‑closing company shares at $5.00 per share as an alternative to repayment.
• Conversion units/shares are subject to transfer restrictions (lock‑ups) and are entitled to registration rights; notes were issued under the Section 4(a)(2) securities exemption.

Why It Matters

• This filing confirms the SPAC has used the permitted one‑month extension mechanism and created two small, unsecured debt obligations ($25K each) in lieu of immediate repayment to the extension fee payors.
• The conversion rights mean these notes could become equity (private units or, in specific cases for the Target, post‑closing shares), which may affect capitalization and dilution if converted.
• Investors should note the new financial obligations and conversion terms and review forthcoming proxy/registration filings related to the proposed business combination for full details, risks, and potential impact on shareholders.