Columbus Acquisition Corp Extends SPAC Deadline; Issues $50K Extension Notes

What Happened

• Columbus Acquisition Corp (COLA) filed an 8-K (Aug 4, 2026) announcing it extended its deadline to complete an initial business combination by one month — from July 22, 2026 to August 22, 2026 — after depositing $50,000 into its trust account. $25,000 of that Monthly Extension Fee was paid by the Sponsor (Hercules Capital Management VII Corp.) and $25,000 was paid by the proposed target (WISeSat.Space Corp.) pursuant to the parties’ Business Combination Agreement.
• To document those payments, on July 30, 2026 the Company issued two unsecured, non‑interest bearing promissory notes for $25,000 each: one to WISeSat.Space Corp. (Target Extension Note) and one to the Sponsor (Sponsor Extension Note). Each payee may elect to convert all or part of its unpaid note balance into private units at $10.00 per unit (one ordinary share plus a right to receive 1/7 of an ordinary share upon closing of a Business Combination). The Target note includes an alternative conversion/repayment election if the Business Combination Agreement is validly terminated and the company later completes a different combination.

Key Details

• Extension: trust deposit of $50,000 (July 21, 2026) extended SPAC deadline to August 22, 2026.
• Notes issued: two unsecured promissory notes of $25,000 each (issued July 30, 2026); no interest; payable on closing of a Business Combination or upon winding up (terms differ slightly between notes).
• Conversion terms: payees may convert note balances into Conversion Units at $10.00 per unit (1 ordinary share + right to 1/7 share); Target payee has an option in some termination scenarios to convert into post‑closing shares at $5.00 per share (subject to adjustment) or seek repayment.
• Transfer/registration: Conversion Units/underlying securities from Sponsor conversion are generally not transferable until the Business Combination closes; Conversion Units/Conversion Shares from the Target are generally locked until the Lock‑up Period expires; both are entitled to registration rights.

Why It Matters

• This filing shows the SPAC extended its deadline by one month, giving more time to close the proposed WISeSat.Space transaction but incurring $50,000 of short‑term obligations. For investors, that means a small increase in the company’s liabilities and the potential for dilution if the payees convert their notes into units or shares.
• Conversion features and the Target’s special $5 conversion option could lead to different dilution outcomes depending on whether the WISeSat deal closes, is terminated, or another deal is completed. Conversion units are subject to transfer restrictions and registration rights, which affect when converted securities could be traded.
• The filing reiterates numerous forward‑looking risks related to the proposed Business Combination (timing, approvals, redemptions, Nasdaq listing requirements, etc.) and signals that shareholders will receive further detail in the forthcoming registration/proxy materials.