Item 1.01. Entry into a Material Definitive Agreement.
As previously reported, on July 12, 2021, INSU Acquisition Corp. III ("we," "us"
or the "Company") issued a convertible promissory note (the "Promissory Note")
to Cohen & Company, LLC (the "Lender"), the manager of the Company's sponsors,
Insurance Acquisition Sponsor III, LLC and Dioptra Advisors III, LLC. All or a
portion of the amounts outstanding under the Promissory Note are convertible
into units at a price of $10.00 per unit at the option of the Lender. On
February 11, 2022, the Company and the Lender amended the Promissory Note to
increase the aggregate principal amount of the Promissory Note from $500,000 to
$810,000. On April 8, 2022, the Company and the Lender further amended the
Promissory Note to increase the aggregate principal amount of the Promissory
Note from $810,000 to $1,500,000. All other terms of the Promissory Note remain
in full force and effect. On April 8, 2022, we borrowed an additional $150,000
under the Promissory Note.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Second Amendment to Promissory Note dated April 8, 2022 made by and
between INSU Acquisition Corp. III and Cohen & Company, LLC.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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