Columbus Acquisition Corp. disclosed on August 30, 2026, that it entered into a material definitive agreement with WISeSat.Space Corp., as reported in a Form 8-K filed with the U.S. Securities and Exchange Commission. The filing details the financial mechanics used to extend the company's deadline to complete an initial business combination, a critical step for the Cayman Islands-based special purpose acquisition company.
The company's charter required it to complete a business combination by August 22, 2026, or face liquidation. To avoid this outcome, Columbus Acquisition Corp. secured monthly extensions by depositing $50,000 into its trust account. On August 22, 2026, the first extension fee was paid to push the deadline to September 22, 2026. A second $50,000 deposit on September 22, 2026, extended the timeline further to October 22, 2026. The company may continue to extend this period in one-month increments until January 22, 2027, provided the monthly fee is deposited.
The funding for these extensions was split equally between the company's sponsor and the target. Hercules Capital Management VII Corp., identified as the sponsor, paid $25,000 of each monthly fee. WISeSat.Space Corp., the target company, paid the remaining $25,000 of each fee pursuant to a Business Combination Agreement dated November 9, 2025. This agreement also involves WISeSat.Space Holdings Corp. and WISeKey International Holding Ltd.
To formalize these payments, Columbus Acquisition Corp. issued unsecured promissory notes. On August 30, 2026, the company issued a $25,000 note to Hercules Capital Management VII Corp. for its share of the first extension fee. On September 22, 2026, it issued a $50,000 note to WISeSat.Space Corp. for its share of that month's fee. A final $25,000 note was issued to the sponsor on September 30, 2026. Collectively known as the Extension Notes, these instruments bear no interest.
The repayment terms for these notes depend on the outcome of the pending business combination. The Target Extension Note is payable in full upon the earliest of: termination of the Business Combination Agreement (excluding specific company terminations), consummation of the initial business combination, or the effective date of the company's winding up. The Sponsor Extension Notes are payable upon the earlier of consummation of the business combination or the effective date of winding up.
The notes include a conversion feature that allows the payees to exchange their unpaid obligations for private units of Columbus Acquisition Corp. at a price of $10.00 per unit. Each unit consists of one ordinary share with a par value of $0.0001 and one right to receive one-seventh of an ordinary share upon closing. This structure provides the sponsors and target with potential equity participation in the post-merger entity.
Columbus Acquisition Corp. is incorporated in the Cayman Islands and lists its securities on The Nasdaq Stock Market LLC under the tickers COLA, COLAU, and COLAR. The company is designated as an emerging growth company under Securities Act rules. The filing confirms that the business combination process is actively progressing through these financial extensions while targeting a final deadline of January 22, 2027.