A SPAC I Acquisition Corp. announced a private placement to issue an unsecured non convertible promissory note at an issue price $300,000 for the gross proceeds of $300,000 on March 15, 2024. The transaction included participation from new lender A SPAC (Holdings) Acquisition Corp.

Pursuant to the Note, the Sponsor agreed to loan to the Company an aggregate amount of up to $300,000. The Note shall be payable promptly on demand and, in any event, no later than the date on which the Company terminates or consummates an initial business combination. Such Note is convertible into warrants having the same terms and conditions as the public warrants, at the price of $1.00 per warrant, at the option of the Sponsor.

The Note does not bear interest.