Item 1.01 Entry into a Material Definitive Agreement
On January 11, 2021, Globis Acquisition Corp. (the "Company") issued an
unsecured promissory note (the "Note") to Globis SPAC LLC (the "Sponsor"), or
its assigns or successors in interest, providing for borrowings from time to
time of up to an aggregate of $1,000,000. The Note bears no interest and is due
and payable upon the date on which the Company consummates its initial business
combination. At the election of the Sponsor, all or a portion of the unpaid
principal amount of the Note may be converted upon the consummation of the
Company's initial business combination into a number of warrants of the Company,
with each warrant being exercisable for one share of common stock (the "Common
Stock") of the Company, $0.0001 par value per share (the "Conversion Warrants"),
equal to: (x) the portion of the principal amount of the Note being converted,
divided by (y) $0.75, rounded up to the nearest whole number of warrants. The
Conversion Warrants are identical to the warrants issued by the Company to the
Sponsor in a private placement upon consummation of the Company's initial public
offering.
The issuance of the Note was made pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
The foregoing description is qualified in its entirety by reference to the Note,
a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by
reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an
Off-balance Sheet Arrangement of a Registrant.
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference in this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Promissory Note dated January 11, 2021
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