Eureka Acquisition Corp Extends Merger Deadline to July 3rd with New $150K Convertible Note

summarizeSummary

Eureka Acquisition Corp extended its business combination deadline to July 3, 2026, by issuing a $150,000 convertible promissory note to its target, Marine Thinking Inc.

check_boxKey Events

• Business Combination Deadline Extended

  The company extended its deadline to complete a business combination by one month, from June 3, 2026, to July 3, 2026.

• New Convertible Promissory Note Issued

  Marine Thinking Inc., the target company, provided $150,000 to fund the extension, for which Eureka Acquisition Corp issued a zero-interest convertible promissory note dated June 8, 2026.

• Potential Dilution from Conversion

  The note is convertible into private units at a rate of $10.00 per unit, each consisting of one Class A ordinary share and one right to acquire one-fifth of a Class A ordinary share. This conversion price is below the current market price.

• Continuation of Prior Extensions

  This marks another in a series of monthly extensions funded by Marine Thinking, following similar actions in March, April, and May 2026, underscoring ongoing challenges to finalize the merger.

auto_awesomeAnalysis

Eureka Acquisition Corp, a SPAC facing a business combination deadline and going concern warnings, has secured another one-month extension to complete its merger with Marine Thinking Inc. This extension, funded by a $150,000 zero-interest convertible promissory note from Marine Thinking, is critical for the SPAC's continued operation and avoids immediate liquidation. While it provides a necessary lifeline, it also highlights the ongoing challenges in closing the deal and introduces further potential dilution for existing shareholders if the note is converted at $10.00 per unit, which is below the current market price.