Silicon Valley Acquisition Corp. announces $5 million unsecured note agreement with EigenQ

Silicon Valley Acquisition Corp. (SVAQ) has announced a $5 million unsecured note agreement with EigenQ, Inc. and a special purpose investment vehicle. The agreement, disclosed in a Securities and Exchange Commission filing, allows for the issuance of subordinated unsecured promissory notes and warrants to purchase EigenQ common stock.

The financing comes at a time when SVAQ maintains a strong liquidity position, with a current ratio of 5.33 and liquid assets exceeding short-term obligations. The agreement also allows for additional closings, subject to certain conditions, where EigenQ may issue further notes and warrants, with a total purchase price not exceeding $4.5 million.

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