Eureka Acquisition Corp Secures One-Month Business Combination Extension via $150K Promissory Note
EURK is trading near its 52-week low of $10.025 (13% above the low).
Summary
Eureka Acquisition Corp obtained a one-month extension for its business combination deadline until May 3, 2026, by issuing a $150,000 convertible promissory note to its merger partner, Marine Thinking Inc.
Key Events · Financing and Capital Events · EURK
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Business Combination Deadline Extended
The company extended its deadline to complete its initial business combination from April 3, 2026, to May 3, 2026.
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Promissory Note Issued
Eureka Acquisition Corp issued an unsecured, non-interest-bearing promissory note for $150,000 to Marine Thinking Inc. on April 6, 2026.
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Convertible Debt Terms
The note is convertible into 15,000 private units at a conversion price of $10.00 per unit, with each unit consisting of one Class A ordinary share and one-fifth of a right.
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Target Company Provides Financing
The extension fee and promissory note were provided by Marine Thinking Inc., the company Eureka Acquisition Corp intends to merge with, signaling continued commitment to the proposed business combination.
Analysis · EURK · Technology
This filing is critical for Eureka Acquisition Corp, a SPAC previously identified with going concern doubts and severe financial strain. The $150,000 promissory note, provided by the target company Marine Thinking Inc., extends the deadline for completing the business combination by one month, preventing immediate liquidation. While the note is convertible into units at a slight discount to the current market price, the primary importance lies in buying crucial time for the SPAC to finalize its merger, directly addressing the company's precarious financial position and deadline pressure. This indicates continued commitment from the target company to the proposed transaction.
At the time of this filing, EURK was trading at $11.30 on NASDAQ in the Technology sector, with a market capitalization of approximately $54.5M. The 52-week trading range was $10.03 to $11.36. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.