OTR Acquisition Corp. announced that it will issue unsecured promissory notes for gross proceeds of $500,000 on March 1, 2022. The notes will be issued at par. The transaction will include participation from returning investor OTR Acquisition Sponsor LLC. The note does not bear interest and the principal balance will be payable on the earliest to occur of the date on which the company consummates its initial business combination and the date that the winding up of the company is effective. In the event the company consummates its initial business combination, the investor has the option on the maturity date to convert all or any portion of the principal outstanding under the note into that number of warrants equal to the portion of the principal amount of the note being converted divided by $1.00, rounded up to the nearest whole number.

On the same day, the company received $100,000 in its first tranche.