Financing ·
Silicon Valley Acquisition Corp. (SVAQ) filed a Current Report on Form 8-K announcing amendments to its business…
SVAQSilicon Valley Acquisition Corp.
Silicon Valley Acquisition Corp. (SVAQ) filed a Current Report on Form 8-K announcing amendments to its business combination agreement with EigenQ, Inc., and the entry into a new securities purchase agreement for approximately $45 million in committed financing. The Second Amendment to the Business Combination Agreement extends the Outside Date from February 14, 2027, to June 30, 2027, subject to automatic monthly extensions, and clarifies registration rights and lock-up provisions. Simultaneously, SVAQ and EigenQ entered into a Purchase Agreement with an institutional investor for senior secured convertible notes totaling $44,450,000 in principal amount ($22,225,000 funded upfront and $22,225,000 at closing), bearing 8% cash or 10% PIK interest, with a 30% maturity premium. The transaction also includes warrants to purchase approximately 3.7 million shares of EigenQ common stock at an exercise price of $12.00 per share and the transfer of up to 1,000,000 founder shares from SVAQ's sponsor to the investor. This filing is material as it secures critical financing for the proposed merger and adjusts key transaction timelines. Silicon Valley Acquisition Corp. operates in the special purpose acquisition company (SPAC) sector, seeking to merge with private companies to take them public.