FREM ACQU Freedom Acquisition I Corp. announced a private placement of an unsecured convertible promissory note in the principal amount of $325,000 on December 14, 2022. The transaction included participation from Tidjane Thiam.
The note bears no interest and is payable in full upon the earlier to occur either 24 months from the closing of the initial public offering or the consummation of the company's business combination. Prior to the company's first payment of all or any portion of the principal balance of the note in cash, the payees have the option to collectively convert all, but not less than all, of the principal balance of the Note into private placement warrants, pro rata, each conversion Warrant exercisable for one ordinary share at an exercise price of $1.50 per share.
