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$250K sponsor note gives Yorkville Acquisition (NASDAQ: MCGA) conversion option

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(High)
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Form Type
8-K

Rhea-AI Filing Summary

Yorkville Acquisition Corp. entered into a financing arrangement with its sponsor by issuing a $250,000 convertible unsecured working capital note to Yorkville Acquisition Sponsor, LLC to provide additional working capital. The note carries no interest and is due on the earlier of the company’s initial business combination or its winding up. Upon completion of the initial business combination, the sponsor may elect to convert some or all of the principal at $10.00 per New Unit, into up to 25,000 New Units. Each New Unit consists of one Class A ordinary share and one-third of a redeemable warrant, with each whole warrant allowing purchase of one Class A ordinary share at $11.50 per share. The issuance relied on the private-offering exemption under Section 4(a)(2) of the Securities Act.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 11, 2026

 

 

Yorkville Acquisition Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Cayman Islands 001-42720 N/A
(State or Other Jurisdiction
of Incorporation)
(Commission File Number) (IRS Employer

Identification No.)

 

1012 Springfield Avenue    
MountainsideNew Jersey   07092
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (201) 985-8300

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on
which registered

Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant   MCGAU   The Nasdaq Stock Market LLC
Class A ordinary shares, $0.0001 par value   MCGA   The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share   MCGAW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

Working Capital Note

 

On February 11, 2026, Yorkville Acquisition Corp. (the “Company”) issued a convertible unsecured promissory note (the “Working Capital Note”) in the aggregate principal amount of $250,000.00 to Yorkville Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), in order to provide the Company with additional working capital. Pursuant to the terms of the Working Capital Note, the principal balance shall not accrue interest; shall be payable by the Company on the earlier of the date on which Company consummates its initial business combination or the date that the winding up of the Company is effective; and is convertible at the Sponsor’s election upon the consummation of the Company’s initial business combination. Should the Sponsor elect to convert all or a portion of the principal balance, the elected principal balance amount will convert, at a price of $10.00 per unit, into units identical to the private placement units issued in connection with the Company’s initial public offering (each, a “New Unit”), rounded down to the nearest whole number.

 

The foregoing description of the Working Capital Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Working Capital Note, which is filed hereto as Exhibit 10.1 and which is incorporated herein by reference. 

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information disclosed under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

 

Item 3.02. Unregistered Sales of Equity Securities.

 

The information disclosed under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02. The Working Capital Note shall be convertible into a maximum of 25,000 New Units. Each New Unit will consist of one Class A ordinary share of the Company, par value $0.0001 per share (each, a “Class A Ordinary Share”), and one-third of one redeemable warrant, with each whole warrant entitling the holder to purchase one Class A Ordinary Share, at an exercise price of $11.50 per share, which will become exercisable 30 days after the completion of the Company’s initial business combination, subject to certain terms and conditions.

 

The Company has relied upon Section 4(a)(2) of the Securities Act of 1933, as amended, in connection with the issuance of the Working Capital Note.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
     
10.1   Working Capital Note, dated February 11, 2026, issued by the Company to the Sponsor.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

YORKVILLE ACQUISITION CORP.   
   
By: /s/ Troy Rillo  
Name: Troy Rillo  
Chief Financial Officer  

 

Date: February 17, 2026

 

 

 

FAQ

What financing did Yorkville Acquisition Corp. (MCGA) disclose in this 8-K?

Yorkville Acquisition Corp. issued a $250,000 convertible unsecured working capital note to its sponsor. This borrowing is intended to provide additional working capital as the company pursues its initial business combination and related activities.

Who received Yorkville Acquisition Corp.’s $250,000 working capital note?

The note was issued to Yorkville Acquisition Sponsor, LLC, the company’s sponsor. This related-party financing provides short-term liquidity support while maintaining flexibility through potential conversion into equity-linked units after a business combination.

When is Yorkville Acquisition Corp.’s working capital note due?

The principal on the $250,000 working capital note is payable on the earlier of the company’s initial business combination or its winding up. This structure aligns repayment with the SPAC’s lifecycle milestones and potential transaction outcome.

Can Yorkville Acquisition Corp.’s sponsor convert the working capital note into equity?

Yes. Upon completion of the initial business combination, the sponsor may convert some or all of the principal into New Units at $10.00 per unit. This provides optional equity participation instead of cash repayment at closing.

How many units can Yorkville Acquisition Corp.’s working capital note convert into?

The working capital note is convertible into up to 25,000 New Units. Each New Unit contains one Class A ordinary share and one-third of a redeemable warrant, linking the financing directly to potential post-combination equity and warrant participation.

What are the terms of the warrants in Yorkville Acquisition Corp.’s New Units?

Each New Unit includes one-third of a redeemable warrant, with each whole warrant exercisable for one Class A ordinary share at $11.50 per share. The warrants become exercisable 30 days after completion of the initial business combination, subject to conditions.

Under what Securities Act exemption was Yorkville Acquisition Corp.’s note issued?

The company relied on Section 4(a)(2) of the Securities Act of 1933 for the issuance. This exemption covers certain private offerings, reflecting that the note was placed with the sponsor rather than through a public securities offering process.

Filing Exhibits & Attachments

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Yorkville Acquisition Corp.

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