Item 1.01. Entry into a Material Definitive Agreement.
As previously disclosed, on June 21, 2021, the registration statement (File No.
333-255297) (the "Registration Statement") relating to the initial public
offering ("IPO") of Golden Path Acquisition Corporation, a Cayman Islands exempt
company (the "Company"), was declared effective by the Securities and Exchange
Commission.
On June 24, 2021, the Company consummated the IPO of 5,000,000 units (the
"Units"). In addition, the underwriters exercised in full the over-allotment
option for an additional 750,000 Units, resulting in the issuance and sale of an
aggregate of 5,750,000 Units. Each Unit consists of one ordinary share, par
value $0.0001 per ordinary share ("Share"), one redeemable warrant ("Warrant")
entitling its holder to purchase one-half of one Share at a price of $11.50 per
Share, and one right to receive one-tenth (1/10) of one Share upon the
consummation of the Company's initial business combination.
Simultaneously with the closing of the IPO, the Company consummated the private
placement ("Private Placement") with its sponsor, Greenland Asset Management
Corporation, a British Virgin Islands company ("Sponsor") for the purchase of
270,500 Units (the "Private Units") at a price of $10.00 per Private Unit,
generating total proceeds of $2,705,000, pursuant to the Private Placement Unit
Purchase Agreement dated June 17, 2021.
The Sponsor had previously advanced expenses or loaned the Company the sum of
$453,364, evidenced in part by a note dated as of December 19, 2020 which loan
was payable upon the earlier of completion of the IPO or December 31, 2021. In
connection with the completion of the IPO, the note was repaid in full via an
offset of certain amounts due under the Private Placement subscription.
As of June 24, 2021, a total of $58,075,000 of the net proceeds from the IPO and
the Private Placement Unit Purchase Agreement transaction completed with the
Sponsor, Greenland Asset Management Corporation, were deposited in a trust
account established for the benefit of the Company's public shareholders,
established with Wilmington Trust, National Association acting as trustee, at an
account at Morgan Stanley.
An audited balance sheet as of June 24, 2021 reflecting receipt of the proceeds
received by the Company in connection with the consummation of the IPO and the
Private Placement Unit Purchase Agreement (as defined below) is included on this
Current Report on Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being filed herewith:
Exhibit No. Description
99.1 Balance Sheet dated June 24, 2021 (As Restated)
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