Freedom Acquisition I Corp. announced a private placement to issue an unsecured promissory note for the gross proceeds of $300,000 on May 31, 2023. The transaction included participation from returning investor Freedom Acquisition I LLC.

The Note bears no interest and is payable in full upon the consummation of the Company’s business combination. A failure to pay the principal within five business days of the date specified above or the commencement of a voluntary or involuntary bankruptcy action shall be deemed an event of default, in which case the Note may be accelerated. The Note shall be forgiven by the Payee if the Company is unable to consummate a business combination within the time frame specified in the Company’s amended and restated memorandum and articles of association, except to the extent of any funds held outside of the trust account established in connection with the Company’s initial public offering.

The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.