Columbus Acquisition Extends SPAC Deadline with $25k Zero‑Interest Convertible Note

*TL;DR – Columbus Acquisition (NASDAQ: COLA) issued a $25,000 zero‑interest note to WISeSat.Space, funding half of a $50,000 monthly trust deposit and pushing its SPAC merger deadline to June 22 2026. The note can be converted into private units at $10 per unit or, under certain termination scenarios, into post‑combination shares at $5 per share.*

Context Columbus Acquisition Corp., a special purpose acquisition company (SPAC) listed on NASDAQ under the ticker COLA, must maintain a $50,000 monthly trust deposit to keep its merger deadline alive. Failure to meet the deposit triggers an automatic extension deadline of June 22 2026. To cover half of this deposit, Columbus entered a short‑term financing arrangement with WISE Satellite Space (WISeSat.Space).

Key Facts - On May 21 2026, Columbus signed an unsecured, zero‑interest promissory note for $25,000 with WISeSat.Space. The note is unsecured, meaning it is not backed by collateral, and carries no interest charge. - The holder may convert the note into private units at a fixed price of $10 per unit at any time before maturity. Private units typically consist of one share of common stock and one warrant, giving the holder future purchase rights. - Maturity occurs at the earlier of three events: (1) completion of a business combination, (2) termination of the business combination agreement (except termination by Columbus under Section 10.1(e)), or (3) winding up of the SPAC. - If Columbus terminates the agreement under Section 10.1(e) and later merges with another target, WISeSat.Space can elect either repayment of the $25,000 or conversion into post‑combination shares at $5 per share.

What It Means The note provides immediate cash to satisfy the trust‑deposit requirement, buying Columbus additional time to locate a suitable merger partner. By setting the conversion price at $10 per private unit, the note offers WISeSat.Space a potential upside if the SPAC’s share price rises above that level before the deadline. The alternative conversion price of $5 per share, triggered only after a Section 10.1(e) termination followed by a merger, caps the holder’s exposure in a less favorable scenario.

For investors, the extension pushes the deadline beyond the typical 24‑month SPAC window, aligning Columbus with peers that have sought similar extensions. The market currently values COLA at a market cap of roughly $45 million, with the stock trading around $10.20 per share, a modest premium to the note’s conversion price. Should the SPAC secure a merger before June 2026, the conversion feature could dilute existing shareholders but also bring new capital.

Looking Ahead Watch for any announced business combination or termination notice, as either event will trigger the note’s conversion or repayment provisions and could move COLA’s share price sharply.