Caravelle International Group announced a private placement of a convertible unsecured promissory note for gross proceeds of $100,000 on August 8, 2022. The transaction included participation from returning investor Pacifico Capital LLC. The promissory note is convertible at the investor's election into units at a price of $10 per unit.

The note bears no interest and is repayable in full upon the consummation of the company's business combination.