Item 1.01. Entry into a Material Definitive Agreement.
The disclosure contained in Item 2.03 is incorporated by reference in this Item
1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On July 19, 2021, Gobi Acquisition Corp. (the "Company") issued an unsecured
promissory note (the "Note") in the principal amount of $1,000,000 to PAG
Investment, LLC (the "Sponsor"). The Note does not bear interest and is
repayable in full upon consummation of the Company's initial business
combination (a "Business Combination"). If the Company does not complete a
Business Combination, the Note shall not be repaid and all amounts owed under it
will be forgiven. Upon the consummation of a Business Combination, the Sponsor
shall have the option, but not the obligation, to convert the principal balance
of the Note, in whole or in part, into private placement shares (as defined in
that certain Private Placement Shares Purchase Agreement, dated June 28, 2021,
by and between the Company and PAG Investment, LLC), at a price of $10.00 per
private placement share. The Note is subject to customary events of default, the
occurrence of which automatically trigger the unpaid principal balance of the
Note and all other sums payable with regard to the Note becoming immediately due
and payable.
The Note was issued pursuant to the exemption from registration contained in
Section 4(a)(2) of the Securities Act of 1933, as amended.
The Note is attached as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated herein by reference. The disclosure set forth in this Item 2.03 is
intended to be a summary only and is qualified in its entirety by reference to
the Note.
Item 8.01. Other Events
As previously reported, on July 1, 2021, Gobi Acquisition Corp., a Cayman
Islands exempted company (the "Company"), consummated its initial public
offering (the "IPO") of 25,000,000 Class A ordinary shares (the "Public
Shares").
On July 14, 2021, the Company consummated the closing (the "Over-Allotment
Closing") of its sale of an additional 542,537 Shares pursuant to the partial
exercise by the underwriters of their over-allotment option (the "Over-Allotment
Option"). The Shares were sold at an offering price of $10.00 per Share,
generating gross proceeds of $5,425,370. Simultaneously with the partial
exercise of the Over-Allotment Option, the Company sold an additional 10,851
private placement warrants to its sponsor, PAG Investment, LLC, generating gross
proceeds to the Company of $108,510.00. Following the Over-Allotment Closing, an
aggregate amount of $5,425,372.60 has been placed in the Company's trust account
established in connection with the IPO.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Promissory Note, dated July 19, 2021, issued by Gobi Acquisition Corp.
10.1 to PAG Investment, LLC
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