Unsecured Promissory Note Issued by Cartesian Growth Corporation II | InvestingPro Insights
Cartesian Growth Corporation II, a leading blank check company, has recently entered into a significant agreement by issuing an unsecured promissory note to its sponsor, CGC II Sponsor LLC. This note, valued at $250,000 and dated July 12, 2024, represents a direct financial obligation for the New York-based company.
The note is non-interest bearing and its principal amount is due upon the completion of the company's initial business combination or the effective date of the company's winding up. If a business combination occurs, the sponsor has the option to convert the principal into warrants at a rate of one warrant per dollar converted.
In the event of default, the outstanding balance and other payable sums will become immediately due. The issuance of the promissory note complies with the exemption from registration under the Securities Act of 1933.
Cartesian Growth Corporation II, listed on NASDAQ under symbols RENEU, RENE, and RENEW, has recently announced its ninth extension for concluding an initial business combination, now set for August 10, 2024.
InvestingPro Insights:
Cartesian Growth Corporation II (NASDAQ: RENEU) has strategically positioned itself with its latest financial move, reflecting its operational focus and financial health. With a market cap of $244.74 million and a P/E ratio of 23.84, the company's valuation is noteworthy despite short-term obligations exceeding liquid assets.
InvestingPro Tips suggest that Cartesian Growth Corporation II's stock price may act as a hedge against market downturns, although the lack of dividend payments may impact investor decisions. For a deeper dive into the company's financials and stock performance, subscribe to InvestingPro with coupon code PRONEWS24 for up to 10% off.
In summary, Cartesian Growth Corporation II's recent financial actions and market performance provide valuable insights for investors looking to enhance their portfolios with strategic investments.