New Providence Acquisition Corp. III issues $1.5 million in non-interest notes to co-CEOs
On June 8, 2026, New Providence Acquisition Corp. III issued unsecured promissory notes totaling $1.5 million to its two co-Chief Executive Officers, Gary Smith and Alexander Coleman, to fund working capital. The notes bear no interest, mature at the earlier of an initial business combination or liquidation, and are convertible into units at $10.00 each, which could dilute existing shareholders.
Key points
- Two unsecured notes of up to $750,000 each, totaling $1,500,000, issued to co-CEOs Gary Smith and Alexander Coleman
- Notes carry no interest and mature at the earlier of an initial business combination or liquidation
- Lenders may convert outstanding amounts into units at $10.00 each; each unit includes one Class A ordinary share and one-third of one warrant exercisable at $11.50
- Separately, the Sponsor advanced $200,000 before the notes were issued, payable on the Sponsor's demand
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 08, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.